The report was written by a four-member group chaired by Esko Aho, former Finnish Prime Minister.
The report urges for rapid, collective action on a European scale and a new vision to address Europe's productivity and social challenges.
The creation of an internal market for innovative products and services, in a harmonised regulatory environment, would provide incentives to companies to increase their investments in research and development on a broader range of modern technologies.
The strategic areas for the European economy are eHealth, pharmaceuticals, transport and logistics, energy, security, the environment and the digital content industry.
The report puts forward improved financing of science and to increase investments and to provide fiscal incentives in high-tech domains such as biotechnology, nanotechnology and neurosciences.