In the euro area, according to OECD data for 2003, an average of 73% of those aged from 25 to 34 had attained at least upper secondary education, compared to only 46% of persons aged from 55 to 64. 25 However, so far investment in human capital in Europe is still clearly inadequate for a “knowledgeintensive” economy.
In 2005, the US annual expenditure on higher education institutions per student was 17,890 EUR, while in the euro area only about 7,402 EUR was spent. Furthermore, we need more high quality scientists and researchers. In the EU we have about 5.3 scientists and researchers per thousand workers, compared with the US’s nine per thousand.