Question: How was the economy of the country containing Valais ranked by the European Union?

full_context: Document 1: Switzerland: Switzerland has one of the best environmental records among nations in the developed world; it was one of the countries to sign the Kyoto Protocol in 1998 and ratified it in 2003. With Mexico and the Republic of Korea it forms the Environmental Integrity Group (EIG). The country is heavily active in recycling and anti-littering regulations and is one of the top recyclers in the world, with 66% to 96% of recyclable materials being recycled, depending on the area of the country. The 2014 Global Green Economy Index ranked Switzerland among the top 10 green economies in the world.
Document 2: Switzerland: Switzerland is one of the richest and wealthiest countries in the world. Switzerland ranks top or close to the top in several metrics of national performance, including government transparency, civil liberties, quality of life, economic competitiveness, and human development. It has the highest nominal wealth (financial and non-financial assets) per adult in the world according to Credit Suisse and the eighth-highest per capita gross domestic product on the IMF list. Zürich and Geneva have each been ranked among the top cities with the highest quality of life in the world, with the former ranked 2nd globally, according to Mercer.
Document 3: Netherlands: The Netherlands has a developed economy and has been playing a special role in the European economy for many centuries. Since the 16th century, shipping, fishing, agriculture, trade, and banking have been leading sectors of the Dutch economy. The Netherlands has a high level of economic freedom. The Netherlands is one of the top countries in the Global Enabling Trade Report (2nd in 2016), and was ranked the fifth most competitive economy in the world by the Swiss International Institute for Management Development in 2017. In addition, the country was ranked the second most innovative nation in the world in the 2018 Global Innovation Index.
Document 4: Alps: The severe weather in the Alps has been studied since the 18th century; particularly the weather patterns such as the seasonal foehn wind. Numerous weather stations were placed in the mountains early in the early 20th century, providing continuous data for climatologists. Some of the valleys are quite arid such as the Aosta valley in Italy, the Maurienne in France, the Valais in Switzerland, and northern Tyrol.
Document 5: Switzerland: Switzerland's most important economic sector is manufacturing. Manufacturing consists largely of the production of specialist chemicals, health and pharmaceutical goods, scientific and precision measuring instruments and musical instruments. The largest exported goods are chemicals (34% of exported goods), machines/electronics (20.9%), and precision instruments/watches (16.9%). Exported services amount to a third of exports. The service sector – especially banking and insurance, tourism, and international organisations – is another important industry for Switzerland.
Document 6: Switzerland: Switzerland has an overwhelmingly private sector economy and low tax rates by Western World standards; overall taxation is one of the smallest of developed countries. Switzerland is a relatively easy place to do business, currently ranking 20th of 189 countries in the Ease of Doing Business Index. The slow growth Switzerland experienced in the 1990s and the early 2000s has brought greater support for economic reforms and harmonization with the European Union. According to Credit Suisse, only about 37% of residents own their own homes, one of the lowest rates of home ownership in Europe. Housing and food price levels were 171% and 145% of the EU-25 index in 2007, compared to 113% and 104% in Germany.
Document 7: Economy of Switzerland: The economy of Switzerland is one of the world's most stable economies. The service sector has also come to play a significant economic role, particularly the Swiss banking industry and tourism. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index and the 2017 Global Competitiveness Report. According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg, and together with Norway the only two countries in the world with a GDP per capita above US $70,000 that are neither island nations nor ministates.
Document 8: Switzerland: Apart from the United Nations headquarters, the Swiss Confederation is host to many UN agencies, like the World Health Organization (WHO), the International Labour Organization (ILO), the International Telecommunication Union (ITU), the United Nations High Commissioner for Refugees (UNHCR) and about 200 other international organisations, including the World Trade Organization and the World Intellectual Property Organization. The annual meetings of the World Economic Forum in Davos bring together top international business and political leaders from Switzerland and foreign countries to discuss important issues facing the world, including health and the environment. Additionally the headquarters of the Bank for International Settlements (BIS) are located in Basel since 1930.
Document 9: Alps: The Alps are a classic example of what happens when a temperate area at lower altitude gives way to higher-elevation terrain. Elevations around the world that have cold climates similar to those of the polar regions have been called Alpine. A rise from sea level into the upper regions of the atmosphere causes the temperature to decrease (see adiabatic lapse rate). The effect of mountain chains on prevailing winds is to carry warm air belonging to the lower region into an upper zone, where it expands in volume at the cost of a proportionate loss of temperature, often accompanied by precipitation in the form of snow or rain. The height of the Alps is sufficient to divide the weather patterns in Europe into a wet north and a dry south because moisture is sucked from the air as it flows over the high peaks.
Document 10: Switzerland: The World Economic Forum's Global Competitiveness Report currently ranks Switzerland's economy as the most competitive in the world, while ranked by the European Union as Europe's most innovative country. For much of the 20th century, Switzerland was the wealthiest country in Europe by a considerable margin (by GDP – per capita). In 2007 the gross median household income in Switzerland was an estimated 137,094 USD at Purchasing power parity while the median income was 95,824 USD. Switzerland also has one of the world's largest account balances as a percentage of GDP.
Document 11: Alps: High levels of precipitation cause the glaciers to descend to permafrost levels in some areas whereas in other, more arid regions, glaciers remain above about the 3,500 m (11,483 ft) level. The 1,817 square kilometres (702 sq mi) of the Alps covered by glaciers in 1876 had shrunk to 1,342 km2 (518 sq mi) by 1973, resulting in decreased river run-off levels. Forty percent of the glaciation in Austria has disappeared since 1850, and 30% of that in Switzerland.
Document 12: Alps: Glaciers end in ice caves (the Rhone Glacier), by trailing into a lake or river, or by shedding snowmelt on a meadow. Sometimes a piece of glacier will detach or break resulting in flooding, property damage and loss of life. In the 17th century about 2500 people were killed by an avalanche in a village on the French-Italian border; in the 19th century 120 homes in a village near Zermatt were destroyed by an avalanche.
Document 13: Switzerland: The Swiss climate is generally temperate, but can vary greatly between the localities, from glacial conditions on the mountaintops to the often pleasant near Mediterranean climate at Switzerland's southern tip. There are some valley areas in the southern part of Switzerland where some cold-hardy palm trees are found. Summers tend to be warm and humid at times with periodic rainfall so they are ideal for pastures and grazing. The less humid winters in the mountains may see long intervals of stable conditions for weeks, while the lower lands tend to suffer from inversion, during these periods, thus seeing no sun for weeks.
Document 14: Alps: The lower regions and larger towns of the Alps are well-served by motorways and main roads, but higher mountain passes and byroads, which are amongst the highest in Europe, can be treacherous even in summer due to steep slopes. Many passes are closed in winter. A multitude of airports around the Alps (and some within), as well as long-distance rail links from all neighbouring countries, afford large numbers of travellers easy access from abroad.
Document 15: Alps: Peaks in France, Italy and Switzerland lie in the "Houillière zone", which consists of basement with sediments from the Mesozoic Era. High "massifs" with external sedimentary cover are more common in the Western Alps and were affected by Neogene Period thin-skinned thrusting whereas the Eastern Alps have comparatively few high peaked massifs. Similarly the peaks in Switzerland extending to western Austria (Helvetic nappes) consist of thin-skinned sedimentary folding that detached from former basement rock.
ground_truth: Europe's most innovative country
sub_queries: Where is the Valais located? Answer: Switzerland
How did the European Union rank Switzerland 's economy? Answer: Europe's most innovative country