Europe 2020: Smart, Sustainable and Inclusive Growth

The European Commission (EC) launched the Europe 2020 economic strategy proposal recently. The vision for Europe's future market economy will be based on three objectives, smart growth (developing an economy based on knowledge and innovation), sustainable growth (promoting a low-carbon, resource-efficient and competitive economy), and inclusive growth (fostering a high-employment economy delivering social and territorial cohesion).

Member States will be asked to transfer five EU-level targets related to achieving the aforementioned objectives, into national targets. These targets include 3% of Europe's GDP to be invested in R&D, and employment for 75% of the population from ages 20-64.

New EC-supported initiatives will include a digital agenda around a Digital Single Market based on high-speed Internet. By 2013, all Europeans should have access to high-speed Internet. Further, an agenda for new skills/new jobs will be created, and an Innovation Union will be established to refocus R&D and innovation policy on major challenges.

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