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The Lisbon Strategy: Re-launch or Last Rites?

This analysis by Iain Begg explores the challenges faced by the Lisbon Strategy, emphasizing the shifting priorities that threaten its consistency and effectiveness. While strategic aims and policy goals remain valid, the lack of adequate policy instruments and budgetary support at the community level raises doubts about the achievement of specific objectives. The report highlights the disappointing track record on R&D, employment targets, and environmental goals, pointing to disparities among member states. It calls for renewed focus on reforming the knowledge economy, social cohesion, and fostering entrepreneurship.

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The Lisbon Strategy: Re-launch or Last Rites?

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  1. THE LISBON STRATEGYRe-launch or last rites? Iain Begg Visiting Professor, European Institute London School of Economics

  2. LISBON FAULT-LINES • Strategic aims and policy goals valid • But shifting priorities undermine consistency • Specific objectives more doubtful • Few demonstrate case for Community level • Policy instruments have been inadequate • Problems with incentives • Lack of budgetary means at Community level • Action plan fatigue? Target proliferation? • OMC’s shortcomings

  3. THE DELIVERY FAILINGS • The underlying growth rate failure • Debilitating effect on all dimensions of reform • Key targets being quietly shelved • Little sign of advances in R&D or innovation • 2010 employment rate target beyond reach by 2004 • Backsliding on Kyoto aims • Large disparities among the Member States • Leaders: Nordics • Laggards: France, Germany &, especially, Italy

  4. VARYING GEOMETRIES ILisbon 2000 KNOWLEDGE-INTENSITY Competitiveness Economic Reform 2010 Social Cohesion JOBS

  5. VARYING GEOMETRIES IIGothenburg 2001 Competitiveness Sustainable Development LONG-TERM Social Cohesion Environment

  6. VARYING GEOMETRIES IIIRe-launch 2005: curing the sick child GROWTH Jobs Economic & Governance Reforms DEADLINE? Social Cohesion Environment

  7. KOK RECOMMENDATIONS • Focus advocated on five aims: • Advancing the ‘knowledge society’ • Further efforts to complete internal market • More supportive business climate • In particular, curbing obstacles to entrepreneurship • Building an inclusive labour market • Boosting more ‘eco-efficient’ technologies • All to be advanced by National Action Plans • …plus putting the delinquents in the dock

  8. AND THE RE-LAUNCH? • Another accurate diagnosis • Another re-statement of the imperatives • Another obligation to produce action plans • Another commitment to community action • …but scant means • …and even probability of budgetary curbs • A fresh call for MSs to take ‘ownership’ • …but no naming, blaming and shaming

  9. TRAJECTORY OF ECONOMYThe supply-side reform ‘j’-curve Performance With extensive Structural reforms Without major reforms Time

  10. IS THERE A SOLUTION? • Member States do know what’s needed • Overcoming political inertia • Essentially a Member State challenge • Requires a perception of crisis • Community level may now be counter-productive • Macroeconomic dimension cannot be ignored • Review and clarify purpose of co-ordination • In particular: is it genuinely adding value?

  11. ‘The promotion of growth and employment in Europe is the next great European project.’ Kok report, November 2004

  12. THE LISBON STRATEGYRe-launch or last rites? Iain Begg Visiting Professor, European Institute London School of Economics

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