The social market economy is based on two clearly distinct but complementary pillars: on the one hand, the enforcement of competition, and on the other, social policy measures to guarantee social justice by correcting negative outcomes and bolster social protection.
Efforts to create financial stability in the short term need to mesh and work in with our long-term objectives to create smart, sustainable and especially inclusive growth. That means working for all the targets set under our Europe 2020 Strategy — and in particular employment, education, poverty reduction and social inclusion. It calls for a multifaceted approach by all stakeholders. And I venture to say that each and every European is a stakeholder in this context, because we all have a stake in ensuring our societies are cohesive and inclusive.