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The Lisbon Strategy, Macroeconomic Stability and the Dilemma of Governance with Governments (Or Why Europe Is Not Becoming the World’s Most Dynamic Economy)

In: The Future of EMU

Author

Listed:
  • Stefan Collignon

Abstract

In March 2000 at the Lisbon European Council, the heads of states and governments promised to make the EU by 2010 ‘the most dynamic and competitive knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion, and respect for the environment’. If this statement was meant to inspire enthusiasm, it has failed. Over-commitment and unachievable goals have ridiculed European policy-makers. Despite desirable objectives, national compliance with the Lisbon Strategy remains poor. The European Commission (2005a: 4) has explained this underperformance by ‘a policy agenda, which has become overloaded, failing coordination and sometimes conflicting priorities’. Yet, the official mid-term review did not explain the reasons for this co-ordination failure. It has exhorted governments ‘to do more reforms’, but few member states seem capable of achieving them and when they do so, the results are not as expected.

Suggested Citation

  • Stefan Collignon, 2009. "The Lisbon Strategy, Macroeconomic Stability and the Dilemma of Governance with Governments (Or Why Europe Is Not Becoming the World’s Most Dynamic Economy)," Palgrave Macmillan Books, in: Leila Simona Talani (ed.), The Future of EMU, chapter 8, pages 161-193, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23389-8_9
    DOI: 10.1057/9780230233898_9
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    Cited by:

    1. Ioannou, Demosthenes & Stracca, Livio, 2014. "Have the euro area and EU governance worked? Just the facts," European Journal of Political Economy, Elsevier, vol. 34(C), pages 1-17.

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