The U.S. - E.U. economic relationship dwarfs America's economic ties with China.

States can be deterred by the fear of retaliation; non-state organisations cannot by deterred at all.

The U.S. - E.U. economic relationship dwarfs America's economic ties with China.

European investment in Texas alone exceeds all U.S. investment in China and Japan put together.

But our system of regulation must keep up with this. If it fails to keep up, it will hold back economic expansion. We need financial market regulation that works at national and European level.

Of course the EU and member states must work to ensure that people moving from one country to another understand their obligations and their rights in areas like health, road safety and further education.

Since creation of the E.U. a half century ago, Europe has enjoyed the longest period of peace in its history.