The article discusses the need for Europe to transition to a new socio-ecological growth path that focuses on ensuring welfare, wealth, and work for its population. The main goal is to identify the forces and challenges that require a new growth strategy and to define how this transition can be initiated and accelerated. The key findings include the importance of sustainability, growth, innovation, welfare, well-being, wealth, and work in achieving this transition. The paper emphasizes the necessity of establishing a common understanding of these concepts to successfully accomplish the transition.