In this context, the ECB welcomes the Presidency Conclusions of the Brussels European Council of 22 and 23 March 2005, which state that “it is essential to relaunch the Lisbon strategy without delay  2  BIS Review 29/2005  and refocus priorities on growth and employment”.
Member States urgently need to promote innovation and human capital formation, establish a regulatory environment which is friendlier for businesses, accelerate market liberalisation and increase labour utilisation and labour market flexibility. Against this background, attention must now shift towards implementing the newly refocused Lisbon agenda.