To single out just some of these major challenges, in March 2000, the EU Council of Heads of State and Government agreed on a new strategic goal, the so-called Lisbon strategy, for the European Union with regard to the next decade - let me quote - “to become the most competitive and dynamic knowledge-based economy in the world capable of sustainable economic growth with more and better jobs and greater social cohesion.” However, there is a lack of clear and decisive progress in achieving these objectives, as recently pointed out by a report written on behalf of the European Commission.
The subdued pace of economic recovery in the euro area puts the spotlight on its structural inefficiencies with frictions both in the labour and in the product market. The EU single market has to be fully implemented in order to enhance productivity and employment, and overall, economic growth and prosperity.