This article traces the Lisbon strategy back to the White Paper issued by President Jacques Delors in 1993 on "Growth, Competitiveness, and Jobs" as the launching point for the structural reform agenda needed to turn around the massive unemployment crisis and proposing a combination of policies for the structural reform of the labour market and stability-oriented macroeconomic policies designed to stimulate economic growth. The centrality of education and training in the Lisbon strategy is seen as key to the lifelong chances of every citizen linked to the need for Europe to compete on the basis of a knowledge-based economy if it is to maintain its high social standards. Describing the first years of the Lisbon strategy as "a stuttering start", the mid-term stock-taking which offered European leaders the opportunity to fine-tune or radically modify the strategy is analysed. The article highlights the paradox that, although human capital is claimed to be Europe's most precious resource, there is inadequate focus on the weakest aspects of current systems. It also focuses on policy and financial levers which need to be mobilised within Member States as well as the implications for national budgets. It suggests the prioritisation of a small number of areas on which to concentrate efforts and echoes the Council calling for a "quantum leap" in the ambition of the EU to ensure that the necessary follow-up is given to meet the challenges. Finally, a strong argument is put forward to take steps to move towards a unified set of proposals for lifelong learning.