In the light of these observations, there has been a consensus for several years now - under the influence of work carried out notably by the IMF, the OECD and the European Commission - on the need to stimulate labour market participation, reinforce the quality of the labour force, improve the functioning of markets in goods and services, including financial services, and step up the innovation effort.
This strategy was endorsed by the governments of the European Union Member States at the March 2000 European Council in Lisbon. I think we have to acknowledge that progress has been made, albeit at varying speeds from one country to another, but that there is also still a long way to go. European economies today are faced with many challenges.