US keeps innovative edge over the EU

The Lisbon Agenda put great stress on improving the EU as an environment for innovation. Five EU member states - Denmark, Finland, Germany, Sweden and the United Kingdom - now rank among the world's best in innovation performance, but the EU as a whole needs to invest more to close the competitive gap with the US.

The US lead over the EU is still significant, according to a report released last week (14 February) by the European Commission.

Progress in information and communication technology investments, broadband penetration, venture capital markets and international patenting are helping to pull up EU performance.

But the US still outpaces the EU in research and development spending and hi-tech exports.

The Commission's assessment was based on a wide range of indicators including structural conditions, new product creation and intellectual property protection.

New member states are making good progress. Estonia, the Czech Republic and Lithuania, in particular, are on track to reach the EU average for innovation performance within a decade.

"We still have to invest more in innovation," says Commission spokesman Ton van Lierop. "Innovation has over the past ten years been put on the map and identified as a very important factor for the economy and industry. But we still have to invest more to keep the EU economy in shape globally."

The Lisbon Agenda put great stress on improving the EU as an environment for innovation. Five EU member states - Denmark, Finland, Germany, Sweden and the United Kingdom - now rank among the world's best in innovation performance, but the EU as a whole needs to invest more to close the competitive gap with the US.