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Europe 2020 Strategy and the National Reform Program

The Ministry of Finance plays a key role in determining the Danish position on the Europe 2020 Strategy and is the editor of the National Reform Program.

Europe 2020 Strategy
In June 2010, the EU's new long-term growth strategy - the so-called Europe 2020 strategy – was adopted. The Europe 2020 strategy replaces the previous Lisbon Strategy, which expired in 2010. The strategy is based on 3 mutually reinforcing priorities:

  • Smart growth: development of an economy based on knowledge and innovation.
  • Sustainable growth: promoting a more resource-efficient, greener and more competitive economy.
  • Inclusive growth: promoting a high-employment economy that ensures economic,
    social and territorial cohesion.

To fulfill the strategy's priorities a number of overall EU targets have been established to be met in 2020:

  • 75% of the population aged 20-64 should be employed
  • 3% of total EU GDP should be invested in research and development
  • EU climate targets (20 per cent reduction of greenhouse gas emissions relative to 1990 levels and 20 per cent renewable energy) must be fulfilled.
  • The proportion of youngsters leaving school is to be reduced to 10 per cent and the proportion who completes a higher education should be at least 40 per cent.
  • People at risk of poverty should be reduced by 20 million.

To support these objectives and to ensure progress on each priority area, seven flagship initiatives has been launched, each covering a number of concrete actions at both EU and national level:

Smart growth:

  • A digital agenda for Europe
  • Innovation in the EU
  • Youth on the move

Sustainable growth:

  • A resource-efficient Europe
  • An industrial policy for a globalized world

Inclusive growth:

  • An agenda for new skills and new jobs
  • A European Platform Against Poverty

The National Reform Programs
Because of the EU countries' very different economic circumstances, the overall EU objectives are translated into differentiated national targets tailored to their specific economic and employment base through concrete National Reform Programs. The National Reform Programs which is to be developed by the government every April in conjunction with the Stability and Convergence Programs are an important tool to implement the Europe 2020 strategy in member countries. The National Reform Programs include the national targets in relation to the five main EU goals and explains how the government will reach them and remove barriers to growth.

The Ministry of Finance's commitment
Formulation and determination of the five overall EU targets takes place at EU level, while the formulation, adoption and implementation of the reforms needed to achieve them will take place nationally. As a natural consequence hereof The Ministry of Finance plays a central role in preparing the government's position as regards to the definition of the European objectives and in the implementation of the Europe 2020 strategy.

The Ministry of Finance is the editor of the National Reform Programs. The first National Reform Program under the Europe 2020 strategy was delivered in April 2011.

Last edited: 11.11.2011 by INT