The article deals with such issues of the education sphere reorganization in the EU-member countries as: the necessity of creating a common education area, reforming of the system of education and manpower retraining, European innovation policy in the sphere of education. Characterized are the European Union’s programmes in the sphere of education, the interconnection between the Bologna Process and Lisbon Strategy and the education system reorganization process on their basis. The course of the Lisbon Strategy implementation in the field of education and the strategic goals of the European Union education system to be reached by 2020 are considered. The role of European universities is characterized and the recommendations for improvement of their curricula are indicated. The cluster policy designated to ensure the achievement of the innovative economic growth goals is considered in relation to the issues of education.