Mr Cameron used a major foreign policy speech in the City of London to argue that the eurozone financial crisis has challenged longstanding assumptions about how the EU should evolve and its 27 members must now ask what kind of union they want in the future.
Continue reading the main story
We have a right to ask what the European Union should and should not do and change it accordingly”
End Quote David Cameron
Claiming that the EU is too often seen as an "abstract end in itself" and detached from economic reality, he outlined his vision for a more "outward looking", "flexible" and "diverse" union which puts advancing its citizens living standards above all else.
"We have a right to ask what the European Union should and should not do and change it accordingly," he said.
"As I said, change brings opportunities. An opportunity to begin to refashion the EU so it better serves this nation's interests and the interests of its other 26 nations.
"An opportunity, in Britain's case, for powers to ebb back instead of flow away and for the European Union to focus on what really matters to underpin prosperity, stability and growth.
"That is the kind of fundamental reform I yearn for."