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In my view, the new Lisbon Strategy to prepare Europe for globalization must recognize, in much greater depth than suggested in the chapter by Maria João Rodrigues, that Europe is just one region in the world, and that it has various characteristics that make it particularly vulnerable to emerging global competition. There is increasing recognition of these characteristics, which include: demographic factors (an ageing population with low fertility rates); the failure to take full advantage of the scale offered by European integration; and national governance prerogatives in areas of research and development (R&D), innovation, education and employment, so that there are too many overlapping tools and too little subsidiarity. © IEEI – Institute for Strategic and International Studies (Lisbon) 2009.