This is the title of a new discussion paper from the European Commission designed to advance analysis and measurement of intangible assets for policy formulation. The paper argues that intangible assets are at the core of what makes firms competitive and are thus vital for productivity and economic growth. It notes that the investment gap between the EU and the U.S. may mask a higher underinvestment with regard to intangible assets in Europe. One of the recommendations to increase investment in intangible assets is to develop standards for the valuation of such assets.