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Economic reform is key to improving the competitiveness of European economies, thereby allowing businesses to thrive and employment levels to increase. Increasing employment is the best way to make Europe’s economy more productive and sustainable, and more importantly, by unlocking human potential and creating jobs, economic reform can combat poverty and social exclusion.
Economic reform is underpinned by a number of important specific issues, including the liberalisation of markets; promoting the needs of small firms; reducing regulatory burdens; encouraging entrepreneurship; encouraging innovation; and improving access to venture capital.
HM Treasury produces regular White Papers on EU Economic Reform, which provide analysis of the benefits of reform for Europe and for the UK in Europe. The latest White Paper " Growth and Opportunity: Prioritising Economic Reform in Europe" was published in February 2005.
In March 2000, European Heads of Government committed themselves to a ten-year strategy of reform for Europe’s labour, capital and product markets, aimed at making the EU “the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social inclusion” by 2010.
This set of actions and targets has come to be known as the Lisbon Agenda. It cuts across a spectrum of issues, including entrepreneurship, social enterprise, employment, better regulation, sustainable development, innovation, and corporate governance.
At the Spring European Council in March 2005, EU Heads of Government re-launched the Lisbon strategy with a new focus on jobs and growth and a streamlined governance regime. This ‘Mid-Term Review’ was aimed at increasing member states’ sense of ownership and commitment to the Lisbon process by simplifying it and putting in place a more effective mechanism for assessing progress. The aim was primarily to streamline existing systems and processes and ensure the focus remained firmly fixed on delivering real reform in a few, key priority areas.
Following up on the Mid-term Review, early in 2006 the Commission published a paper in which it identified four key areas where reform was most urgently needed. Specific priorities for action included:
The Economic Reform Agenda can offer opportunities for European Union Accession Countries. Further information can be found in the publication entitled Opportunities for Candidate Countries.
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