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Introduction presently making the most progress and which are lagging
behind. It also takes stock of the change in relative
The present international financial crisis, coupled with performances of individual countries since the last Lisbon
rising food and oil prices, and the related economic Review in 2006 to gauge the countries’ relative progress.
slowdown in the world’s leading economies, is confronting
policy-makers with significant economic management Second, the study assesses the extent to which the 27 EU
challenges. And despite initial discussions of economic member countries are competitive vis-à-vis an
decoupling, Europe’s economies have not been spared international standard, using the United States and the
from the effects of a crisis that mainly originated in the average performance of five of the most competitive
US. As a result, the overall economic outlook for the economies in East Asia – Hong Kong, Japan, Korea,
region is now less favourable than just a year ago.2 The Singapore and Taiwan, China – as international
volatility in financial markets underscores the importance benchmarks.This provides a comparison with economies
of a competitiveness-supporting economic environment to that are widely seen as among the world’s most 1
better enable national economies to weather these types of competitive, particularly with regard to market efficiency,
shocks and to ensure solid economic performance going entrepreneurship and technological progress, all critical
into the future. elements of the Lisbon Strategy.
At the March 2000 European Council in Lisbon, Portugal, Third, the study assesses the economic competitiveness of
Europe’s heads of state and government set a 10-year the EU candidates and potential candidate countries, based
timeline to make the European Union “the most on the Lisbon criteria, and provides a sense of the
competitive and dynamic knowledge-based economy in challenges currently facing them. In addition, we take an
the world, capable of sustainable economic growth with enlarged approach, going beyond the likely future
more and better jobs and greater social cohesion.”The accession countries to encompass the Commonwealth of
policy agenda aimed at reaching this goal became known Independent States (CIS), also including those from
as the Lisbon Strategy of economic and structural reforms. Central Asia. Our reason for doing so is that economic
development in these countries is of critical importance
More specifically, the objective of the Lisbon Strategy was for the stability of the EU’s greater economic
to improve Europe’s productivity and competitiveness neighbourhood, both on domestic economic and trade-
through various policy initiatives, building on a number of related grounds as well as for the security of the region
goals that had been formulated years before.These going forward.
included the creation of an information society for all,
establishing a European area of research and development, What differentiates this study from those that have been
developing a business-friendly start-up environment, regularly carried out by the EU or other organizations,
completing the single market, establishing efficient and such as the Centre for European Policy Reform,3 assessing
integrated financial markets, building a knowledge society, the EU reform process is that it is based in large part on
ensuring more and better jobs for Europe, modernizing the World Economic Forum’s Executive Opinion Survey
social protection, promoting social inclusion and (EOS).This survey is carried out among CEOs and top
enhancing sustainable development. Box 1 includes some executives in each of the countries under analysis.This
estimates of the benefits of the Lisbon Strategy. means that the results can be interpreted in large part as
the business community’s perspective on these countries’
This review is the fourth edition of a biennial study carried relative performances in meeting the Lisbon goals. Since
out by the Global Competitiveness Network of the World business leaders make many of the investment decisions in
Economic Forum, which is aimed at gauging Europe’s their economies, their perceptions are clearly related to the
progress towards these goals.The aim of this study is prospects for economic development and competitiveness.
threefold. First, it compares the performance of individual
EU members to provide a sense of which countries are
ups.” Better integration and coordination, and concerted 4. Building Network Industries: in Telecommunications,
efforts for research programmes among member states Utilities and Transportation
were also seen as critical. Further, it was stressed that
efforts should be made to retain the EU’s “best brains” and Among the Lisbon Strategy’s measures for improving the
to attract high-quality researchers from abroad, as well as functioning of markets are critical actions aimed at
to facilitate the mobility of researchers within the EU.20 In liberalizing and building network industries.These
addition, the Council advocated a favourable regulatory industries, like services discussed above, continue to be
environment including a comprehensive and inexpensive fragmented.The telecommunications and aviation markets
EU-wide patent system.This second Lisbon dimension is have been liberalized. More recently, after a 15-year
captured in the index using measures such as business process to open up the postal services sector, the third
investment in research and development (the EU has set a Postal Directive was passed in February 2008, placing the
goal of 3% of GDP for R&D spending)21, the quality of deadline for member states to abolish existing legal
scientific research institutions, the extent of collaboration monopolies on postal services at the end of 2010.24 The
in research between universities and industry, patenting per successful implementation over the next two years will be
capita, and the protection of intellectual property and crucial in increasing efficiency in the sector. And with
innovation stimulation through government procurement. regard to electricity, European consumers have in theory
been able to freely choose their energy supplier following
3. Liberalization: Completing the Single Market/State Aid and the entry into force of EU directives in 2004 and 2007,
Competition Policy but many obstacles remain, with a single European energy
market not yet a reality. Building up these industries at an
The “four freedoms” protect the free movement of goods, EU level would promote greater efficiency and quality of
services, capital and labour within the internal market of service, and better support a competitive economic
the European Union.This dimension captures aspects environment.The index separately assesses two dimensions
related to the free flow of goods and services, which is of the EU’s network industries: in telecommunications and
critical for the competitiveness of European industry. in the area of utilities and transportation.
Although much progress has been made in completing the
4 single market for goods, the market remains fragmented, 5. Creating Efficient and Integrated Financial Services
particularly with regard to services and protected
industries. A reduction in the impediments to trade in The current turmoil in financial markets around the globe
services was proposed, which would have followed a has focused particular attention on this sector.25 Despite
“country of origin” principle.22 However, concerns raised recent concerns about the overly high risk-taking of some
by some countries about its impact on Europe’s social actors, the financial sector remains critical for the proper
model led Europe’s leaders to water down the Services functioning of a dynamic economy. An efficient financial
Directive that was ultimately adopted in December 2006.23 sector makes capital available for business investment from
Substantial productivity increases are clearly not possible if such sources as credit from a sound banking sector, well-
the services sector, representing some 70% of the regulated securities exchanges or venture capital. An
European economy, remains hampered by regulatory integrated financial services market would reduce the cost
obstacles to market entry and trade. Ensuring a level of accessing capital and improve the allocation of capital
playing field for local and foreign investors, and carrying across the EU, giving firms increased opportunities to
out a proper competition policy are key elements of access markets in other member states and carry out
liberalization. In this regard, the Council particularly business effectively on a cross-border basis.The EU has a
recognized the importance of reducing state aid to number of policy objectives and specific measures
national industries (still flagrantly practiced in many EU designed to improve the single market for financial
countries, particularly large ones such as Italy and France) services. Some progress has been made across Europe, most
and of “shifting the emphasis from supporting individual notably within the context of the Financial Services
companies or sectors towards tackling horizontal Action Plan, which set out specific objectives for
objectives of Community interest, such as employment, developing a single market in financial services. However,
regional development, environment and training or the quality of financial services continues to vary
research.” significantly across EU countries. A recent report by the
European Central Bank looking specifically at the euro
area countries found “that there is a fair amount of
heterogeneity in financial system performance across euro
area countries … suggest[ing] that there appears to be
further scope for structural reforms of financial sectors.”26
Figure 1: Score Dispersion among EU Countries Such disparity is revealed in Figure 1 which shows the
1 4 7 score dispersion between the best and worst performing
EU member countries on each of the eight dimensions
Information
Society that comprise the index.The black dash represents the EU
3.3 (EL) 4.5 6.1 (SE) average and the white dot represents the US score.The
Innovation score gap between the two extremes is the most significant
and R&D
3.0 (BG) 4.2 6.0 (FI) – at three full points – in the dimensions of the
“Information Society” and “Innovation and R&D”, while
Liberalization
it is the smallest – but still sizeable – in “Liberalization”
3.9 (BG) 4.9 5.7 (NL)
and “Enterprise Environment”.That the divide is most
Network
Industries important in the area of innovation is perhaps not
3.7 (RO) 5.3 6.5 (DE) surprising.This is because the capacity to innovate
Financial becomes a critical enabler of productivity enhancements
Services
4.1 (BG) 5.4 6.3 (SE)
for countries especially once they reach the high-tech
Enterprise frontier, as it does not run into diminishing returns.
Environment
3.7 (IT) 4.7 5.5 (FI)
Table 3 presents the details driving the overall ranks and
Social
Inclusion
scores of the 27 EU member countries in each of the
3.6 (BG) 4.7 5.7 (DK) eight Lisbon dimensions.The table shows that the top
Sustainable positions of the three Nordic countries continue to be
Development
2.9 (BG) 4.1 5.1 (FI) attributable to strong performance across all dimensions,
particularly in measures of innovation, financial services,
Highest/lowest score* EU 27 Average United States social inclusion and sustainable development.
* See Table 1 for country code keys
Sweden 1 5.71 1 6.07 2 5.60 3 5.64 4 6.18 1 6.30 7 5.23 3 5.51 2 5.12
Denmark 2 5.64 3 5.71 3 5.30 4 5.61 2 6.26 2 6.17 6 5.28 1 5.74 4 5.03
Finland 3 5.64 7 5.27 1 5.95 6 5.51 6 5.99 4 6.08 1 5.48 2 5.67 1 5.13
Netherlands 4 5.44 2 5.76 5 4.86 1 5.70 7 5.91 3 6.11 5 5.28 4 5.33 7 4.56
Austria 5 5.34 6 5.30 8 4.69 2 5.66 5 6.05 5 6.05 11 4.94 6 5.15 6 4.91
Germany 6 5.34 9 4.96 4 5.08 5 5.60 1 6.47 9 5.91 15 4.70 9 5.02 5 4.96
Luxembourg 7 5.22 8 5.12 13 3.93 9 5.26 8 5.85 7 5.96 3 5.40 7 5.12 3 5.10
France 8 5.12 10 4.96 9 4.68 10 5.25 3 6.20 10 5.91 13 4.82 14 4.81 11 4.33
United Kingdom 9 5.12 5 5.42 7 4.70 11 5.16 9 5.81 11 5.82 8 5.06 15 4.69 12 4.28
Belgium 10 5.11 13 4.51 6 4.73 8 5.34 10 5.76 8 5.93 9 5.02 5 5.25 10 4.36
Ireland 11 5.03 14 4.44 10 4.44 7 5.38 16 5.13 6 6.01 2 5.46 10 5.01 9 4.40
Estonia 12 5.02 4 5.56 12 4.06 12 4.99 14 5.26 12 5.69 4 5.34 13 4.83 8 4.44
Cyprus 13 4.68 15 4.33 21 3.54 13 4.94 11 5.76 15 5.43 17 4.54 8 5.05 17 3.85
Portugal 14 4.61 16 4.32 16 3.87 18 4.70 12 5.58 16 5.42 16 4.62 18 4.34 15 4.01
Slovenia 15 4.58 12 4.71 11 4.12 19 4.43 18 5.11 21 4.90 20 4.47 16 4.61 13 4.28
Czech Republic 16 4.53 18 4.03 15 3.93 15 4.82 19 5.10 19 4.94 21 4.40 12 4.87 14 4.17
Spain 17 4.52 17 4.07 14 3.93 14 4.87 13 5.42 14 5.52 23 4.16 19 4.32 18 3.83
Malta 18 4.43 11 4.75 25 3.37 16 4.80 15 5.16 13 5.68 24 3.84 11 4.87 26 2.96
Lithuania 19 4.39 19 3.95 18 3.82 20 4.40 20 5.04 18 5.01 14 4.76 17 4.35 20 3.80
Slovak Republic 20 4.34 20 3.94 24 3.48 17 4.77 24 4.54 20 4.92 10 4.96 20 4.20 16 3.91
Latvia 21 4.25 21 3.93 23 3.48 22 4.38 23 4.55 22 4.87 12 4.87 21 4.07 19 3.83
Hungary 22 4.18 22 3.86 19 3.76 21 4.40 22 4.75 23 4.77 19 4.51 24 3.87 22 3.50
Greece 23 4.10 27 3.18 17 3.85 23 4.31 17 5.12 17 5.07 26 3.78 22 4.06 23 3.46
Italy 24 4.05 23 3.83 20 3.76 24 4.27 21 4.90 24 4.63 27 3.69 25 3.82 21 3.51
Romania 25 3.84 24 3.70 26 3.30 26 4.04 27 3.74 26 4.35 18 4.52 23 3.92 25 3.19
Poland 26 3.76 26 3.18 22 3.51 25 4.24 26 3.93 25 4.45 25 3.80 26 3.79 24 3.21
Bulgaria 27 3.68 25 3.57 27 3.04 27 3.90 25 4.08 27 4.12 22 4.21 27 3.59 27 2.89
EU27 - 4.73 - 4.53 - 4.18 - 4.90 - 5.32 - 5.41 - 4.71 - 4.66 - 4.11
United States - 5.44 - 5.73 - 6.07 - 5.23 - 5.92 - 5.97 5.27 - 4.86 - 4.50
East Asia - 5.26 - 5.36 - 5.20 - 5.28 - 5.98 - 5.65 5.26 - 5.09 - 4.26
* East Asia refers to the average of five competitive East Asian economies: Japan, Hong Kong, Republic of Korea, Taiwan and Singapore
8. Sustainable
1. Information
Development
2. Innovation
6. Enterprise
Environment
5. Financial
4. Network
Industries
Inclusion
and R&D
Services
7. Social
Number of
Society
times ranked
Final Index in top three
Country
Sweden 1 6 1 2 3 4 1 7 3 2
Denmark 2 5 3 3 4 2 2 6 1 4
Finland 3 4 7 1 6 6 4 1 2 1
Netherlands 4 3 2 5 1 7 3 5 4 7
Austria 5 1 6 8 2 5 5 11 6 6
Germany 6 1 9 4 5 1 9 15 9 5
Luxembourg 7 2 8 13 9 8 7 3 7 3
France 8 1 10 9 10 3 10 13 14 11
Ireland 11 1 14 10 7 16 6 2 10 9
Table 3 shows that the countries at the bottom of the therefore have a diamond touching the outer edges of the
ranking tend to do poorly across all areas. Among EU15 figure, the smaller the diamond, the less competitive the
countries, Greece and Italy remain the laggards.While country is, as measured by the Lisbon criteria. In each
Greece receives middling scores in the areas of innovation figure, the individual country’s performance is represented
and R&D, network industries and financial services (each by a blue line, that of the US is in grey and that of East
ranked 17th), all other areas are clear weaknesses, most Asia is in black. Dimensions in which the individual
notably the state of its information society (ranked last at country’s line extends further out than that of the US or
27th), and the enterprise environment (ranked 26th). Italy, East Asia indicate areas where the country outperforms
for its part, does not have one ranking above 20 in the these benchmarks.
various dimensions, with the greatest comparative
weaknesses in liberalization (24th), financial services Table 3 and the appendix figures show that the three
(24th), and the enterprise environment (27th).The three Nordic countries outperform the US overall, with the
lowest ranked countries, Romania, Poland and Bulgaria, Netherlands score of 5.44 on a par with that of the US.
show poor performance across all areas, with Bulgaria in The Nordics have particularly strong comparative
particular ranked last in five dimensions: innovation and assessments in the areas of network industries, financial
R&D, liberalization, financial services, social inclusion and services, social inclusion and sustainable development. On
sustainable development. the other hand, the US, the world’s innovation
powerhouse, retains its clear lead in this area, scoring well
Comparing the EU to the US and East Asia ahead of all EU countries, as also clearly shown in Figure
1. In addition to the Nordics and the Netherlands, East
At the bottom of Table 3 are the scores and rankings for Asia on average is also outperformed by Austria and
the United States and the average of five competitive East Germany, but remains ahead of all other EU member
Asian economies, which are included for comparison. As countries.
the table shows, the EU performance, with an average
score of 4.73 out of 7, lags well behind that of the US and As Table 5 shows, the EU27 on average is outperformed in
East Asia with scores of 5.44 and 5.26, respectively. all of the eight dimensions measured in the index by the
10 US and East Asia, including areas normally seen as
However, the detailed performance of individual countries European strengths such as social inclusion and sustainable
across specific dimensions provides a more nuanced development.The one sub-area where the EU27 average
picture, given the great diversity in competitiveness levels outperforms the US, and by a wide margin, is in
within the enlarged EU. Figures 1-27, shown in Appendix modernizing social protection. On the other hand, the
A of this review, provide a visual representation of the greatest shortfalls are in the areas of establishing an
scores in Table 3 and compare individual country information society, innovation and R&D, network
performances and the average performance of the EU vis- industries and the enterprise environment – all critical
à-vis the US and East Asia benchmarks. A country with a areas for becoming a “dynamic knowledge-based
perfect performance in any of the eight dimensions would economy”.
have a score of seven. Since an ideal country would
Table 5: Lisbon Scores: Comparing the EU with the United States and East Asia
EU15 EU15 EU27 EU27
average average average average
EU15 EU27 relative to the relative to relative to the relative to
average average United States East Asia US East Asia US East Asia
1. Information Society 4.86 4.53 5.73 5.36 -0.87 -0.50 -1.20 -0.82
2. Innovation and R&D 4.62 4.18 6.07 5.20 -1.45 -0.58 -1.89 -1.02
5. Financial Services -5.79 5.41 5.97 5.65 -0.18 0.14 -0.56 -0.24
6. Enterprise Environment 4.86 4.71 5.27 5.26 -0.41 -0.40 -0.57 -0.55
Business start-up environment 5.11 4.95 5.65 5.17 -0.54 -0.05 -0.71 -0.22
Regulatory environment 4.61 4.47 4.90 5.36 -0.28 -0.75 -0.42 -0.89
7. Social Inclusion 4.92 4.66 4.86 5.09 0.06 -0.17 -0.20 -0.43
8. Sustainable Development 4.47 4.11 4.50 4.26 -0.03 0.20 -0.38 -0.15
Returning people to the workforce 5.20 5.27 5.79 5.56 -0.59 -0.36 -0.52 -0.29
Upgrading skills 4.79 4.53 5.20 5.14 -0.40 -0.35 -0.67 -0.61
Modernizing social protection 4.77 4.19 3.60 4.58 1.18 0.20 0.60 -0.39
Final Index Score 5.07 4.73 5.44 5.26 -0.38 -0.20 -0.72 -0.53
Table 6: Rankings and Scores of Non-EU European and Central Asian Economies
Subindexes
Final
Index Information Innovation Network Financial Enterprise Social Sustainable
Society Liberalization Environment
and R&D Industries Services Inclusion Development
Economy Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score Rank Score
Croatia 1 4.10 1 3.69 3 3.41 4 4.05 1 4.98 2 4.70 11 4.19 7 4.03 2 3.78
Montenegro 2 3.96 4 3.27 7 3.15 2 4.22 5 3.93 1 4.88 12 4.07 5 4.11 1 4.08
Azerbaijan 3 3.88 2 3.45 6 3.24 3 4.16 6 3.89 5 4.05 2 4.60 2 4.38 3 3.30
Turkey 4 3.82 3 3.34 5 3.25 1 4.51 4 4.18 3 4.57 3 4.51 14 3.30 9 2.89
Russian Federation 5 3.82 9 3.16 2 3.62 10 3.71 2 4.45 10 3.88 10 4.22 1 4.41 6 3.08
Kazakhstan 6 3.70 6 3.19 4 3.33 7 3.89 9 3.68 8 3.97 4 4.44 3 4.18 8 2.96
Ukraine 7 3.69 7 3.18 1 3.66 11 3.66 3 4.20 12 3.78 9 4.23 4 4.17 14 2.64
Georgia 8 3.66 11 2.88 9 2.90 5 3.96 10 3.56 6 4.00 1 4.96 9 3.80 5 3.22
Macedonia, FYR 9 3.53 8 3.17 12 2.78 6 3.91 8 3.82 4 4.05 6 4.42 15 3.29 11 2.84
Moldova 10 3.50 10 3.00 10 2.82 12 3.62 11 3.49 9 3.92 8 4.34 8 3.89 10 2.89
Serbia 11 3.44 5 3.20 8 3.00 13 3.62 7 3.82 11 3.80 14 3.89 12 3.53 13 2.65
Tajikistan 12 3.35 13 2.75 13 2.73 8 3.72 16 2.80 14 3.54 15 3.89 6 4.07 4 3.25
Armenia 13 3.29 16 2.48 11 2.79 9 3.71 13 3.19 7 3.99 13 3.94 10 3.74 15 2.46
Kyrgyz Republic 14 3.23 15 2.63 14 2.72 16 3.41 15 2.83 15 3.38 5 4.43 13 3.48 7 2.98
Albania 15 3.12 14 2.70 16 2.37 15 3.42 14 2.93 16 3.28 7 4.38 11 3.65 16 2.24
Bosnia and Herzegovina 16 3.12 12 2.83 15 2.43 14 3.47 12 3.45 13 3.63 16 3.46 16 2.92 12 2.74
EU27 - 4.73 - 4.53 - 4.18 - 4.90 - 5.32 - 5.41 - 4.71 - 4.66 - 4.11
EU15 - 5.07 - 4.86 - 4.62 - 5.22 - 5.77 - 5.79 - 4.86 - 4.92 - 4.47
Accession 12 - 4.31 - 4.13 - 3.62 - 4.51 - 4.75 - 4.93 - 4.52 - 4.34 - 3.67
Council of the European Union. 2001b. Presidency World Economic Forum. 2002. The Lisbon Review 2002-
Conclusions, Lisbon European Council. 15 and 16 June 2003: An Assessment of Policies and Reforms in Europe.
2000. Available online at: Geneva:World Economic Forum.
http://www.consilium.europa.eu/ueDocs/cms_Data/docs
/pressData/en/ec/00200-r1.en1.pdf World Economic Forum. 2008. The Global Competitiveness
Report 2008-2009. Geneva:World Economic Forum.
Council of the European Union. 2006a. Presidency
Conclusions, Brussels European Council. 23 and 24 March
2006. Available online at:
http://www.consilium.europa.eu/ueDocs/cms_Data/docs
/pressData/en/ec/89013.pdf
30
We use a moving average of survey data collected over the
two years. For more information on the EOS survey
procedure and the calculation of country-level values, see
Chapter 2.1 of The Global Competitiveness Report 2008-
2009.
31
As The Lisbon Review 2006 preceded that year’s accession of
the last two new member countries, we did not rank them
together with the then EU 25 countries.Table 2 shows the
2006 ranking among the 27 EU countries included in the
2006 edition as it would have appeared based on their
underlying scores.
32
Two CIS members, Belarus and Turkmenistan, are not
included in this analysis due to lack of Executive Opinion
Survey data from these countries.
33
Indeed, Azerbaijan is ranked 33rd out of 181 countries in the
World Bank’s recently released Doing Business in 2009.
34
Note that Georgia informed the CIS of its intention to exit
the CIS in August 2008, which will be effective one year
later.
35
Council of the European Union, 2008.
16
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
6 6
Sustainable development Innovation and R&D Sustainable development Innovation and R&D
5 5
4 4
3 3
2 2
Social inclusion 1 Liberalization Social inclusion 1 Liberalization
Information society
7
6
Sustainable development Innovation and R&D
5
4
3
2
Social inclusion 1 Liberalization
Financial services