European Council decisions of Lisbon (2000) concern economic competitiveness and knowledge, Gothenburg (2001) ecological sustainability and Barcelona (2002) knowledge-based innovation. Their aims are to develop a sustainable socio-ecological market economy in Europe. The reports on European competitiveness, the Kok Report and many other documents regard an augmentation of labour productivity as decisive for economic, social and ecological sustainability. However, a closer look within the framework of macroeconomic growth theory shows that the key to greater sustainability is an augmentation of capital productivity.