The ECB would strongly back the Commission’s initiatives in that respect. Second, policies should promote investment in research and development, which is also an important driver of innovation. Third, policies should aim at improving human capital. Technological advancements imply that labour skills change over time.
Therefore, measures favouring the continuous development of human capital contribute to further innovation, facilitate the use of advanced technologies and allow technical change to translate into more jobs. To conclude, the Lisbon agenda incorporates the relevant priorities to promote long-term productivity growth as a key condition to making Europe more competitive and dynamic.