Taken as a whole, Europe's share of world output is projected to fall by almost a third in the next two decades. This is the competitiveness challenge - and much of our weakness in meeting it is self-inflicted. Complex rules restricting our labour markets are not some naturally occurring phenomenon.
We have the character of an island nation: independent, forthright, passionate in defence of our sovereignty. We can no more change this British sensibility than we can drain the English Channel. And because of this sensibility, we come to the European Union with a frame of mind that is more practical than emotional.
If I've learnt anything over the last six years it's that the most important thing is the strength of our economy. That is how we pay for our NHS, how we build schools, how we provide opportunities for people. And I'm in absolutely no doubt that our economy will be stronger if we stay in and will be weaker and at risk if we leave.
Today, hundreds of millions dwell in freedom, from the Baltic to the Adriatic, from the Western Approaches to the Aegean. And while we must never take this for granted, the first purpose of the European Union - to secure peace - has been achieved and we should pay tribute to all those in the EU, alongside Nato, who made that happen.
One of the things I most admire about America is they have created a genuine melting pot society, a country of opportunity; you can be of any religion, colour, ethnicity, persuasion and make it to the top of your chosen field. And that's something I admire about America and hope they continue with.
I mean, I'm a conservative. I believe that, you know, if you borrow too much, you just build up debts for your children to pay off. You put pressure on interest rates. You put at risk your economy. That's the case in Britain. We're not a reserve currency, so we need to get on and deal with this issue.