BRUSSELS, March 3 (Xinhua) -- The European Union (EU) on Wednesday unveiled a new 10-year blueprint to reinvigorate economic development in the 27-nation bloc.

"Europe 2020 is about what we need to do today and tomorrow to get Europe back on track," European Commission President Jose Barroso told a press conference.

"There is a real sense of urgency in this economic strategy we are presenting today," he said.

The president said the EU was already falling behind before the economic crisis and the crisis exposed "fundamental weaknesses and unsustainable trends" that could not be ignored any longer.

European Commission President Jose Manuel Barroso holds a news conference at the EC headquarters in Brussels March 3, 2010. Barroso outlined his goals on Wednesday for growth and jobs in the 27-country European Union.

The new strategy will focus on three priorities, namely developing an economy based on knowledge and innovation; sustainable growth by promoting a resource-efficient and competitive economy; and inclusive growth by fostering a high-employment economy delivering social and territorial cohesion.

It also set concrete targets to be reached, among which are having 75 percent of the population aged 20-64 employed and investing 3 percent of the EU's GDP into research and development.

There will also be seven flagship initiatives to catalyze progress under each priority theme, according to Barroso.

To drive the new strategy at a national level, the European Commission, the EU's executive arm, will address country-specific recommendations to member states.

"We will also issue policy warnings in case of inadequate response," Barroso said.

The new strategy is supposed to replace the Lisbon Strategy, the last 10-year economic blueprint adopted in 2000, which aimed to transform the EU into "the most competitive knowledge-based economy" by 2010 but is regarded as a failure.

Barroso said the Lisbon Strategy was "too ambitious and too detailed," while Europe 2020 was "ambitious and realistic."

The new strategy will need endorsement by the European Council in March.