A group of business innovators and economists put together by Máire Geoghegan-Quinn, the European Commissioner for Research, Innovation and Science are looking for a tool that indicates how innovative we are. The right measurement indicator would help track Europe's progress on its quest to become a more innovative economy.

The High Level Panel is chaired by Professor Andreu Mas-Colell, Secretary General of the European Research Council (ERC) and Professor at Universitat Pompeu Fabra in Spain. The role of the 13 members is to advise Commissioner Geoghegan-Quinn and the European Commission on a suitable method (or methods) to gauge and measure Europe's innovation progress.

During the Spring European Council (held on 25 and 26 March 2010), EU leaders (Heads of State and Government, the President of the European Council, and President of the European Commission) discussed the EU's new strategy for jobs and growth, known as 'Europe 2020'. The Council agreed on the main elements of the strategy (which will be formally adopted in June 2010) including the key 'headline' targets that constitute shared objectives and guide the action of both the EU and Member States.

One of the targets is to improve the conditions for research and development (R&D) by bringing combined public and private investment levels in this sector to 3% of GDP (gross domestic product). As part of this target, EU leaders agreed that an indicator should be developed that reflects R&D and innovation intensity.

Indeed, the Council concluded at the meeting that the success of the implementation of the new strategy rests largely on efficient monitoring mechanisms. They agreed that macroeconomic, structural and competitiveness developments under the new strategy will all be considered along with overall financial stability.

In addition to benchmarking the progress of the Europe 2020 strategy, a measurement indicator would also capture overall research and innovation performance (including rationales for differences between Member States), help benchmark Europe's performance against that of other regions and countries, and feed into the implementation of the 'Research and Innovation Strategy for Europe' that Commissioner Geoghegan-Quinn will propose in autumn 2010.

The panel will also consult with OECD (Organisation of Economic Co-operation and Development) experts. Its work will also be assisted by staff of the European Commission's Directorate General for Research (DG RTD) and Directorate General for Enterprise and Industry (DG ENTR), and economists from other Commission services.