Europe faces major structural challenges – globalisation, climate change and an ageing population. The economic downturn has made these issues even more pressing. The Lisbon strategy addresses these challenges – aiming to stimulate growth and create more and better jobs, while making the economy greener and more innovative.
Before the financial and economic crisis hit the EU, the strategy had helped create more than 18m new jobs. When the economy slumped, the EU acted to stabilise the financial system and adopted a recovery plan to boost demand and restore confidence.
The plan is delivering a major fiscal stimulus, with measures to keep people in work and public investment in infrastructure, innovation, new skills for the workforce, energy efficiency and clean technologies to meet the goals of the Lisbon strategy.
The EU will soon devise a new strategy for the period beyond 2010. This new strategy should enable the EU to make a full recovery from the crisis, and help speed up the move towards a greener, more sustainable, and more innovative economy.