Europe has witnessed an unprecedented period of change in the five years since this European Commission took office. The financial crisis evolved into a sovereign debt crisis, an economic crisis and a social crisis, tearing down barriers between European and national politics.

In this time of change, business as usual was no longer an option. If the five years before the start of this Commission were defined by constitutional issues that were formally settled by the introduction of the Lisbon Treaty, then these five years have been shaped by the threat of the financial and sovereign debt crisis. In the face of these challenges, we can all be extremely proud that we have kept Europe united, open and made it stronger for the future.

"United", because we managed to keep Europe together and even enlarge it despite the pressures exerted on our countries; "open", because we engaged with our international partners through the G20 to define a global response, we kept promoting trade within the European Union and across the world as a means of growth, and we maintained our commitments to developing countries; "stronger", because the necessary economic reforms are now being implemented across Europe and our economic governance has been reinforced, in particular in the Euro area, to make Europe's economies fitter for globalisation.

In doing so, we have built on what is unique about the European Union. Europe is about values. Values like peace, our founding principle, for which we were awarded the 2012 Nobel Peace Prize. Values like unity and diversity, a source of strength to be treasured. Values like solidarity, with our social market economy and our protection of Europeans less fortunate. These values have guided our work. The EU is more than an economic project. It is a political one. It is a community of culture and of shared values and interests essential to forge a common destiny.

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