Here in the UK the government has decided to accept the recommendations of the Better Regulation Task Force to measure and make targeted reductions in the administrative costs - the red tape costs - that regulations impose on business.
My view is that targets, properly constructed and applied across public services have been fundamental to past successes and will be an essential part of sustaining progress into the future.
The Civil Service is a vital economic asset to the UK - firstly, in the way it creates a framework for excellence in service delivery and secondly, in how it helps organise the best way to deliver modern public services on which both businesses and individuals depend.
The challenge to our national economies and the collective economy of Europe will become - with the growth of China and the continuing productivity growth of the US - even more intense in the decades to come.
Some people argue that we should limit choice in favour of good local services. My response is simple: why should we assume those two concepts are mutually exclusive?
Greater personal choice, individually tailored services, stronger local accountability, greater efficiency - these are all central to the new direction of travel we have set for our public services.
So that we focus not on competing visions for Europe but on what Europe can do to improve economic growth, to give us a cleaner environment, to create more jobs, to make us more secure.
Our objective must therefore be to ensure EU better regulation contributes towards delivering a modern European Union which relentlessly focuses on building a dynamic and innovative economy equipped to meet the challenges of the 21st century.
Our aim, during our Presidency in the next six months will be to lead this challenge, to show that Europe can function in a mature and responsible way, to start delivering tangible results that show we are taking people's concerns seriously.
Western Europe GDP per capita - not taking into account the new accession counties - was lower in 2001 relative to that of the US than any time since the 1960's.
And, in the past, it has been all too easy for legislators to load costs onto business in order to meet broader social goals. And costs for business means costs for consumers.
