Europe is one of the best places to live, work and do business in the world because our social market economies combine free markets, private initiative, economic freedoms, free movement of people and welfare states designed to deliver social rights and public services. Nevertheless, Europe is still faced with many economic, social and political challenges: insufficient competitiveness and employment creation, inequalities, migration, security issues, and the need to redefine EU-UK relations. These challenges require ambitious European solutions.