"Bailout packages, austerity programs and liquidity operations are only one part of the solution to the euro zone's woes. If the common-currency bloc is serious about restoring its financial credibility, it needs to tackle its weak productivity growth and chronic lack of competitiveness. Ten years ago, the European Union set out its Lisbon Agenda, which was supposed to turn the region into "the most competitive and dynamic knowledge-based economy in the world" by this year".
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