It will be called Blue Card, but the idea is the same as the Green Card. Highly skilled immigrants will have privileged status. This way, Europe wants to compete with Canada and the USA for the market of brains. For a good report, please see here
It would be all well and good, if Europe really had a competitive private market able to integrate quickly highly skilled people, in particular young ones. But the very problem is that jobs markets in France, Germany, Italy and Spain are quite rigid and biased in favour of more experienced people, rather than young and talented.
This might have changed in the last few years, if you listen to the report of the Economist on European Business. Who are the Champions--in business terms-- the Economist asks. Surprisingly, the competition between China and America is won by... Europe.
The relative health of the German economy, coupled with the efficiency of London, a struggle to improve of Paris, the disappearance of Berlusconi in Italy and the good term of Madrid all contribute to a renewed hope of European Competitiveness.