Notre Europe has advocated five points:
- a more precise diagnosis
- to limit the strategy to a few objectives, clearly defined and leading to actions
- to distinguish between interventions on the European level and those on the national level, reinforcing the former
- to reinforce the Open Method of Coordination, including new ways of sanctioning the bad performance of member states or regions
- to adopt a realistic time schedule
We would like to add another point:
- the top-down approach of European innovation policy should be combined with a bottom-up approach (see Drewe, 2011)

What is at stake here is a Sustainable recovery as against a Sluggish recovery or a Lost decade. The three scenarios for Europe by 2020 reveal an important truth: uncertainty rules even beyond innovation and industrial policy (Drewe, 2010c).
One only has to (re)read Keynes to grasp the importance of uncertainty (Skidelsky, 2009 refers) also with regard to long waves of innovation (Drewe, 2010d).

[1] Note that Schumpeter's definition of innovation also included new forms of organization, new markets and new sources of raw materials or semi-manufactured products.