The European Commission launched a public consultation Tuesday on a new growth strategy for the European Union (EU) during the next decade, hoping to lead the 27- nation bloc towards a
green, knowledge-based economy by 2020.
The new strategy, called EU 2020 Strategy, aims to deliver greener and socially inclusive growth, which is built on three thematic objectives, namely creating value through knowledge, empowering people in inclusive
societies and creating a competitive, connected and greener economy, the commission said.
"EU 2020 means the EU working together over the next decade to overcome some of the toughest economic challenges that Europe has ever faced. A smart economy and a wise society based on strong European values go together," Commission President Jose Manuel Barroso said.
The new strategy is designed to replace the EU's flagship Lisbon Strategy for growth and jobs, which was adopted in the Portuguese capital in 2000 and expires next year.
Under the ambitious "Lisbon Strategy", the EU had originally set the goal to become "the world's most dynamic knowledge-based economy by 2010," but after five years of limited results, EU leaders re-launched the strategy in March 2005, focusing more specifically on growth and jobs.
However, even the later downgraded targets proved to be out of reach now, especially after the EU economy was hard hit by the financial and
economic crisis.
The re-launched Lisbon Strategy had aimed to increase the EU employment rate to 70 percent by 2010, but after years of steady progress, the EU
employment rate only reached 65.9 percent in 2008.
A report released by the commission on Monday showed the current crisis is taking its toll on EU labor markets, reversing most of the employment growth achieved since 2000.
The commission said the new strategy will build on the achievements of the Lisbon Strategy, while learning its lessons.
The deadline for responses to the consultation is Jan. 15, 2010. The commission will then make a detailed proposal to the EU leaders at a summit
in March.