The EU's strategy for growth and jobs (Lisbon strategy) is bearing fruit. According to this year's competitiveness report, the bloc's economy grew by 3% in 2006, with productivity up 1.5% and employment up 1.6%. Europe’s greatest strength in relation to its main competitors is its productivity. "European businesses have kept their position in the world market – unlike their American and Japanese competitors," declared enterprise and industry commissioner Günter Verheugen.The firms adding most value are those in information and communications technology.The growth and jobs strategy formulated in 2005 is based on a three‑pronged approach: action at both macroeconomic and microeconomic levels, supplemented by employment guidelines. The competitiveness report focuses on macroeconomic measures, evaluating the key drivers of productivity: technological progress, use of information and communications technologies, entrepreneurship, simpler regulation, competition and a strong and unified European market.The report concludes that more spending is needed on research, with climate change and the ageing population as two key niches to exploit.
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