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The functioning of the labour, product, and financial markets must be improved.
Nor do they relish reading that the New Labour product attracts customers because it looks like the goods in the Tory shop window.
Some of it has been the pay-off from earlier economic deregulation designed to make labour, product and capital markets work more efficiently.
Mr Blair's proselytising for economic reform a catch-all phrase for reforms to labour, product and capital markets—has not, in fact, had much effect.
"In all key policy areas – fiscal, financial sector stability, labour, product and service markets – the authorities' current policy plans fall well short of what would be required to achieve their ambitious fiscal and growth targets".
Now they nearly do.But the Treasury's assessment is likely to warn that long-term potential gains will be at risk if the EU fails to make the economic reforms better performing labour, product and capital markets that it promised in Lisbon three years ago.
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States with looser labour- and product-market regulations enjoy higher labour productivity.Sadly, further bold reform is currently blocked by the communist parties on which the coalition government depends for its majority.
Even so, several have a lot more to do to make labour and product markets more flexible, to boost productivity and to create efficient public administration.
Uncompetitive economies must shake up their labour and product markets.
Germany, too, suffers from rigid labour and product markets.
Alan Greenspan, chairman of America's Federal Reserve, blames Europe's rigid labour and product markets.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com