THE LISBON STRATEGY AND ITS REVISION

The Lisbon Agenda represented the European Union’s reaction to lagging behind the US economy, as well as fast-growing Asian economies. The Lisbon Process refers to a unified effort of Member states to follow explicitly defined aims through implementing a number of measures. Regardless the fact that digressions from this path endangered prospects of meeting previously defined aims, the EU has pledged to pursue initial goals and timetables. In order to do so, in 2005 the EU decided to put an emphasis on knowledge, innovation and optimization of the human capital and in that way increase the potential of growth and productivity, as well as strengthen the social cohesion. On this basis, a “Revised Lisbon Strategy” was adopted that brought new measures, instruments and national action plans of strategy implementation, which were directed towards achieving specific goals.

Key words: The European Union, the Lisbon Strategy, revision of the Lisbon Strategy.

JEL Classification: L51, L52