At the 2000 EU Summit in Lisbon, the EU set a goal: to become the most competitive and dynamic knowledge-based economy in the world. Five years down the road, this leading position is still occupied by the U.S and the gap has even widened. In the paper "European Entrepreneurship - From Deterministic Government Policy to Market Experimentation," S. Ramakrishna Velamuri and Marc Sosna analyze the magnitude of the challenge facing Europe and look at several factors that affect entrepreneurship, which is believed to be one of the most important mechanisms for Europe to meet its goals as outlined in the Lisbon Declaration.
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