Dr. Isi Saragossi, Director of the European Commission’s “European Research Area: Knowledge-Based Economy” directorate, and Dr. Charles Wessner, Director of Technology, Innovation and Entrepreneurship at The National Academies in Washington, D.C. discussed the priorities of U.S. and European research policy and the challenges and opportunities for policy makers and the scientific communities. The discussion was moderated by Kathleen Kingscott, IBM Industry Chair and Visiting Professor, Industrial College of the Armed Forces, National Defense University.