The European Union has been largely successful at promoting and maintaining high living-standards in face of declining growth and socioeconomic challenges. However, mounting pressure from the financial crisis and its repercussions, the EU North-South competitive gap, and the rise of emerging economies puts the EU in a precarious position. How can the EU ensure sustainable living standards and global competitiveness, and what measures should be taken to tackle internal disparities of competitiveness between EU Member States?