In view of recent evaluations of the European Employment Strategy (EES), the European Employment Taskforce urged the Member States to step up their efforts to implement the Lisbon objectives. In the absence of decisive action, it looks increasingly unlikely that these objectives will be achieved by 2010. In the opinion of the Taskforce, the EES is approaching 'the moment of truth', making the question of how to proceed even more pressing. Actors at European level tend to seek a solution in a combination of merely procedural reforms and a more comprehensive and intensified involvement of the relevant actors at the relevant levels. However, in the light of past experience, it is questionable to what extent this approach will lead to better results. This paper aims to provide an answer to the question of whether the proposed changes properly address the existing imbalance between the economic and social objectives of the EES, and to consider whether the EES needs another approach. A critical review is presented of the instruments and implementation methods of the EES for the purposes of a more effective delivery of the Lisbon objectives.