The paper argues that the emergence of a new mode of production--co-configuration is generating new modes of expertise that EU policies for lifelong learning (LLL) are not designed to support professionals to develop. It maintains that this change can be seen most clearly when we analyse Small and Medium Size (SMEs) enterprises in the creative industries. Drawing on concepts from Political Economy--"Moebius strip enterprise/expertise" and Cultural Historical Activity Theory--"project-object" and the "space of reasons", the paper highlights conceptually and through a case study of an SME in the creative industries what is distinctive about the new modes of expertise, before moving on to reconceptualise expertise and learning and to consider the implications of this reconceptualisation for EU policies for lifelong learning. The paper concludes that the new challenge for LLL is to support the development of new forms of expertise that are difficult to credentialise, yet, are central to the wider European goal of realising a knowledge economy. (Contains 3 figures and 8 notes.)