DOES THE LISBON STRATEGY SERVE ANY PURPOSE ?

The Lisbon Strategy yielded only meagre results during its first five years whilst the Union's competitors have continued to make steady progress. Eurochambres may argue that new national reform plans concocted in back rooms by the member states will not improve things, with studies to back up its claim, the simple fact is that the majority of businesses feel the strategy lacks ambition, is vague and inadequate.

The European Commission nevertheless feels these national plans are broadly "promising", in spite of certain weaknesses and shortcomings. However, the stark reality is that one of the few positive elements to emerge from the plans is that they have identified common challenges: sustainability of public finances, labour market reforms, research, company start-ups and the business environment. And yet the review a year ago of the strategy on employment and growth, designed to establish the EU as the world's most competitive economy by 2010, provided for national governments acting themselves on the strategy's - non-binding - recommendations.

Five years after its launch and nearly a year after its review, we are therefore still at the diagnosis and not the treatment stage. Impatience among businesses and trade unions is understandable. The Commission's criticism is still veiled but is...