There is still a long way to go if we want to attain the objective of the Lisbon Strategy to make the European Union “the most competitive and dynamic knowledge-based economy in the world”. 2  2  See, among others, Philippon and Véron (2008) and Aghion, Fally and Scarpetta (2007).
BIS Review 41/2008  Let me now turn to the competitiveness of the euro area financial sector. Financial efficiency has made large progress since the introduction of the euro and has contributed to the competitiveness of the euro area, by accelerating the speed of capital reallocation. Generally, in an efficient financial system, information is accessible and widely distributed.