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Clearly, the EU can only continue to make sense if it can work as a multi-currency union. But Europe is about more than just its currencies it is bound by shared values, a common history and it offers an unparalleled free trade zone.

I would urge that we consider future EU policy as being equally grounded in its two grands projets: the eurozone and the single market.

Only by protecting the primacy of the single market through such labours as appointing a single market chair (ideally from a non- eurozone country) to the Council of Ministers, can those who stand together outside the eurozone have an attractive enough foundation for ongoing enthusiastic EU membership.

So reform is happening already but perhaps not in the way that many envisage and, worryingly, without the notion of a coherent end within sight. This requires urgent attention.

Second, the ambition of the new EU Commissions mandate is critical for the long-term health of the European project. The last commission rightly focused on economic stability and had to step in to resolve the financial crisis, and austerity measures followed. This political necessity was punished by the rise of populist parties across Europe. Suddenly, Europe seemed far distant from its peoples and had little to do with everyday lives.

A commission and parliament that simply focuses on better administration and more efficient ways of tinkering in small details will let down those who need a brave vision of Europes place in the world, and which translates its value to them on a human level. Policies to tackle youth unemployment, rebuild failing infrastructure and which lead to market-opening trade deals would all contribute significantly to boosting much-needed economic activity.

As if to heed this challenge, the new mandate has some bold and interesting ideas. Not only has President Juncker reshuffled the commissioner deck in a way that has shown himself to be a shrewd operator, but he has also set them the right challenges: to focus on the creation of jobs, drive economic growth and make the EU globally competitive. He has awarded Lord Hill the financial services brief and recognised that this must be an endeavour of the 28, not just the 18.

The parliament seems willing to rise to the challenge. But these brave first steps must lead to concrete policies that lay the foundations for growth, such as the Capital Markets Union.

The UK should step forward to lead this potentially most single market of initiatives as London is the natural home of Europes capital markets. A failure to do so would risk further cutting us off from the reforms being played out.

Third, thoughts of European reform are not a curiously British pastime. When I meet business leaders in other member states, they are ambitious about fixing the EU bureaucracy, too. Holland just underwent its own version of the UK Governments balance of competences review and other member states are paying close attention.

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The UK can lead reform of the European Union