European Liberal Democrats, who have earlier been firm in calling for putting concrete flesh on the bones of the 'EU 2020 Strategy' warmly welcome this initial move by liberal Commissioner Geoghegan-Quinn. In today's globalised world, where innovations are spreading faster and more widely than ever before; it is of utmost importance to stay ahead of development. Furthermore, this must also include promoting the so-called "fifth freedom" - the free movement of knowledge within the EU, which is vital for fostering inventions and discoveries.

Although currently well placed in advanced technology, Europe's future competitiveness is directly dependent on a state of the art climate for innovations, research. Remaining leaders of the pack also imply the creation of favourable conditions for small and medium sized enterprises (SMEs).

As European Liberals have stated before: with a repetition of the dismal performance of the Lisbon Strategy, the predecessor of the 'EU 2020 Strategy', the future looks everything but bright. Commissioner Máire Geoghegan-Quinn's strategy for investment certainly constitutes a step in the right direction. While felicitating that, there is no time for complacency. More steps are needed, as the European future cannot afford another Lisbon.