As regards labour and product markets, the mid-term review of the Lisbon agenda - now being prepared for the European Council meeting in March 2005 - is a major opportunity to increase momentum in these fields. Structural reforms are crucial to a better performing EU economy, i.e. an economy with higher potential growth, more employment opportunities and greater resilience to shocks.
Efforts to accelerate key economic reforms are now more important than ever. 2  BIS Review 65/2004