The setting up of the regional advisory councils is a constructive policy issue and must be supported. It can only be successful if it is properly financed and resourced. As a member of the industry, external trade, research and energy committee of the European Parliament I deal with a wide ranging set of policy issues, which are implemented at EU level, concerning the operation of commerce in the European Union. At present the European Parliament together with the European Commission and the EU governments are working strenuously to implement the Lisbon agenda. This agenda aims to make the EU the most competitive region in the world by 2010. To ensure the European Union becomes the most competitive and knowledge-based economy in the world, there must be investment in human capital, innovation, research and development. The advancement of the Lisbon process has also been rightly set out as a key priority for the Irish Government during the forthcoming Presidency of the European Union.