The authors consider creating highly competitive social market economy, as referred to in Article 3 Paragraph 3 of the Treaty on the European Union, a highly topical goal which should not become merely a dead provision of the Lisbon Treaty. They analyse its economic and legal aspects in view of the current course of the European integration. They pose the following questions: How shall we understand this goal in today’s world? What sense does it make in the conditions of the 21st century globalized economy? Do the EU bodies still define and exploit this goal? And, does the EU have enough powers to pursue it?