Prodi labels EU bid to catch US economy a failure

Europe's efforts to catch up to and then outpace the US economy have been "a big failure," the outgoing head of the European Union executive commission, Romano Prodi, told the Financial Times in an interview.

"You can't have unanimity in all economic areas, or if you do, you must accept the failure of Lisbon," said Prodi, president of the European Commission.

The Lisbon summit in 2000 saw EU leaders pledge to increase economic growth in a bid to compete with the US economy.

"Lisbon is a big fail