Free Republic

Economics: Europe has been the source of many of America's most beloved fairy tales. Not all are of ancient origin. Take the European Union's insistence five years ago that its economy would leapfrog ours by 2010. The so-called Lisbon Strategy was unveiled with much fanfare. Struck in the Portuguese capital, the deal essentially predicted the EU economy would pass up America's and leave it in the dust. At the time, it sounded reasonable. The EU was adding new members, and the common wisdom was that the U.S., though a big military power, was suffering from what geostrategists like to call...

PRAGUE, Czech Republic - Microsoft Chairman Bill Gates on Wednesday launched an initiative to accelerate innovation in science and computing in Europe. Speaking to journalists in Prague, Gates said the EuroScience Initiative will bring together talented people from universities and research centers all over Europe. "Software has become a key tool for many types of research," Gates said. The initiative also wants to support the Lisbon Strategy, a plan to make Europe the world's most competitive economy by 2010. Within the strategy, EU governments are expected to boost research and development spending, cut bureaucracy and social spending and increase education...

BRUSSELS - The European Commission has expressed its doubts about the EU's chances to achieve its goals in employment and social policies, in two reports preceeding the mid-review of its "Lisbon agenda". The Lisbon strategy set concrete economic targets to make Europe the world's most competitive economy by 2010. However, the numbers show that the EU is lagging behind both its own goals and the US - its key competitor. Employment is sluggish, labour productivity growth is falling dramatically and social exclusion is rising, conclude the documents adopted today (27 January). To meet the EU employment rate target of 70%...