Ladies and Gentlemen,

I would first like to thank the Commission's Representation here in Dublin for organising today's event. Martin Territt and his team are doing a terrific job. I am delighted to be here to help to mark the Union's fiftieth birthday, and to tell you about the Commission's work on the future of the Single Market.

Before coming in here, I cut a birthday cake for the Union – a symbolic act, and one I was very happy to undertake. In ways, the European Union is like a long and happy marriage. Over the years the family has grown. Yes, we have had our ups and our downs, and we have lived together through good times and bad. But the balance sheet is positive. We are still together, we are still strong, and we are looking forward to the future with renewed confidence and vitality.

A golden anniversary is always worth celebrating.

Later this weekend, the Heads of State or Government of all Member States will adopt the Berlin Declaration. It will, I expect, reflect a justified sense of achievement, but it will also look to the future and to the shared challenges and opportunities we face.

Like any successful enterprise, Europe needs to take time to take stock. There can be no resting on laurels. We have to remain open to change – to adjusting to face new times and new possibilities.

As I have said many times before, Europeans should look to the future without fear. The Union should be a source of strength and confidence to us all. It has worked well for its citizens for fifty years, and there is no reason why it should not continue to play a vital and central role in the decades ahead.

One thing is certain: the Single Market has been at the heart of Europe's success. And it will remain so.

The Single Market project has already delivered huge gains for citizens and business. Between 1992 and 2006 it was responsible for an additional 2.75 million jobs in Europe. And it has raised living standards too. Last year, European citizens were an average of 480 € better off per year than we would be without the Single Market. The EU has created new possibilities for citizens to work, study and live abroad. For example, 1.2 million young people have completed part of their studies in another Member State thanks to the Erasmus programme.

For businesses, cross-border trade is now far easier. Before the frontiers came down, the tax system alone required 60 million customs clearance documents annually: these are no longer needed. There is no more border bureaucracy. And Europe's small- and medium-sized firms – the engine of the European economy – have new opportunities to export and to grow. The Euro is also benefiting business – cutting delivery times, reducing costs and spurring tougher competition.

Perhaps I am preaching to the converted. An Irish audience knows from experience the benefits the Single Market has brought. Just look around.

There is evidence everywhere.

As an open, flexible economy, Ireland has seen the fastest sustained economic growth in the EU. As well as taking credit for our own hard work, we should acknowledge that much of this success is thanks to the Single Market. Exports account for more than half of Ireland's total output. And nearly two thirds of these exports are traded in Europe. So that gives us a big stake in a larger, more open and more dynamic Single Market.

The Commission is currently reviewing the Single Market – asking what our priorities should be; identifying challenges and how to meet them.  We have already set out our initial thinking, and will bring forward a more complete report in the autumn.

To bring you up to speed on our thinking, I would like first to set out the Commission's objectives – what kind of Single Market we need to build in the 21^st century. Then, I'll explain how Europe must change to meet these objectives – renewing our policy tools and using them to make markets work better for consumers and for businesses. Finally, I'll set out what you can expect from the Commission's final report – including the new measures we are considering to put citizens at the heart of our Single Market policy.

So what should be Single Market of the 21^st century? The Commission set out its vision one month ago in its Interim Report on the Single Market review.

The central theme – placing the interests of citizens at the heart of Europe – was strongly endorsed by the Heads of State at the Spring Council. And the Commission has set five priorities to guide the Single Market:

First, for citizens and consumers. We need to ensure that competition delivers lower prices for consumers, while maintaining high levels of confidence in the quality of products and services on offer.

Second, on an integrated economy. The spread of the Euro, the move towards a single European labour market and the integration of our key network industries will strengthen the EU economy. We must create the environment for to stimulate growth, jobs and cross-border trade.

Third, on a knowledge society. The Single Market should increasingly focus on making markets for knowledge – and technology-intensive goods and services work better. This is vital for our future prosperity.

Fourth, on a well-regulated Europe. Better regulation is critical – as is thorough enforcement of existing rules. The benefits of the Single Market will not materialise if EU rules are not correctly applied or if legal rights are not protected.

Fifth, on a sustainable Europe. The EU's success has been achieved while respecting high social and environmental standards. The Single Market of the future must protect these achievements to deliver a high quality of life for Europe's citizens.

These are the objectives we want the Single Market to achieve. How do we achieve them?

First we need to accept that the nature of the game has changed. It is fifteen years since the launch of the Single Market programme. The 1992 package made great strides in tackling barriers and opening Europe's markets. But we see diminishing returns to this approach. There are still obstacles in some markets to trade and integration. But we won't tackle these obstacles through more legislation and more harmonisation. 

Therefore the Commission's agenda is moving away from its traditional emphasis. In future our focus will be on ensuring that markets work better for citizens and for business.

Second, we must acknowledge that the Single Market is not a puzzle that can be completed and framed for posterity. It is a diverse and dynamic market covering 500 million citizens and around 20 million businesses. New products, technologies and services appear every day, creating new competitive pressures and new challenges for policymakers. So as Commissioner for the Internal Market I want us to reshape the Single Market, ensuring it is flexible and innovative – able to respond to the pressures of globalisation and demographic and environmental change.

Therefore we must embed everywhere better regulation to ensure that markets function well. We must focus on Single Market policies where the benefits are greatest for citizens. And we must foster popular ownership of the Single Market, making it more responsive to the needs of citizens.

I want to see a Single Market focused on results. The EU should act when markets do not deliver and where it will have maximum impact.

I want to see a more effective Single Market policy. We must use a wider range of policy instruments – each time using the right tool for the job. Legislation remains important but is not always necessary or sufficient on its own. In some cases the best approach will be combining regulation with other tools – such as infringement action – or promoting effective self-regulation.

And I know that Brussels cannot deliver the project on its own. The Single Market should be more decentralised and network-based. We need to improve the ownership of the single market in the Member States. And we must strengthen cooperation between the national and EU level.

Lastly, better communication. Much can be done to publicise the benefits and opportunities the Single Market offers. For the Single Market to work, citizens and entrepreneurs must know and make use of the rights it offers. We have excellent tools – such as SOLVIT and Citizens’ Signpost – to help citizens navigate the Single Market and resolve problems quickly. We must raise their profile and make them more accessible. The Services Directive requires the Member States to establish Points of Single Contact – visible & accessible centres enabling businesses and consumers to obtain all information needed and complete all formalities required in one go. 

And I should add that the Commission's delegations have an important role in championing the EU in its Member States. The conference you are organising today is a good example of how representations can help carry the message.    

Those are the elements of our new policy approach. Those are the things we will do differently.

Now, before concluding, let me say something about what you can expect from the conclusions of our review this autumn.

First, we will set out clearly the state of play – where the Single Market is well advanced, and where there is more to do – especially for citizens. Second, we will elaborate fully the new approach I've described today – how we will build new partnerships and use our policy instruments carefully to improve Europe's markets and raise living standards. Third, we will set out new initiatives for the Single Market. Not an avalanche of new regulation. Rather, a number of concrete, targeted actions to benefit citizens, using the full range of policy tools.

The Commission as a whole is reflecting on possible new initiatives so I cannot be categorical about the final package. But within my areas of responsibility, Internal Market and Services, we are looking closely at where the EU can genuinely help citizens.

One obvious area is retail financial services – everyday products such as mortgages, insurance and credit cards. Here Europe has a central role in promoting choice and competition, while maintaining high levels of consumer confidence. Another priority is professional services, where barriers reduce competition, push up prices and restrict citizens' rights to practice their profession in another Member State.

And we will also try to improve the way we 'govern' the Single Market – both at the national and EU level. For instance, we will be looking at ways to involve consumers more closely in shaping policies and ways to improve problem-solving and redress systems in the Member States.

So that is our programme for the next few months. You can be assured that I will be looking for good results – better regulation, new opportunities for business and new initiatives to help citizens.

As I said, the Single Market is at a turning point. The Commission is preparing the new agenda. And we look forward to working with you to make it a reality.

Thank you for your attention and I look forward to your questions.