paragraph_text: 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.

paragraph_text: A large number of international institutions have their seats in Switzerland, in part because of its policy of neutrality. Geneva is the birthplace of the Red Cross and Red Crescent Movement and the Geneva Conventions and, since 2006, hosts the United Nations Human Rights Council. Even though Switzerland is one of the most recent countries to have joined the United Nations, the Palace of Nations in Geneva is the second biggest centre for the United Nations after New York, and Switzerland was a founding member and home to the League of Nations.

paragraph_text: In 1986, Portugal joined the European Economic Community (EEC) that later became the European Union (EU). In the following years Portugal's economy progressed considerably as a result of EEC/EU structural and cohesion funds and Portuguese companies' easier access to foreign markets.

paragraph_text: The 2005 NATO Headquarters summit was a NATO summit held in the NATO Headquarters, Brussels, Belgium on February 22, 2005. During this summit, NATO leaders reaffirmed their support for building stability in the Balkans, Afghanistan and Iraq, and commit to strengthening the partnership between NATO and the European Union.

paragraph_text: Greece is a democratic and developed country with an advanced high-income economy, a high quality of life and a very high standard of living. A founding member of the United Nations, Greece was the tenth member to join the European Communities (precursor to the European Union) and has been part of the Eurozone since 2001. It is also a member of numerous other international institutions, including the Council of Europe, NATO,[a] OECD, OIF, OSCE and the WTO. Greece, which is one of the world's largest shipping powers, middle powers and top tourist destinations, has the largest economy in the Balkans, where it is an important regional investor.

paragraph_text: Membership of the G20 consists of 19 individual countries plus the European Union (EU). The EU is represented by the European Commission and by the European Central Bank. Collectively, the G20 economies account for around 85% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), two - thirds of the world population, and approximately half of the world land area.

paragraph_text: The European Economic Community (EEC) was a regional organisation which aimed to bring about economic integration among its member states. It was created by the Treaty of Rome of 1957. Upon the formation of the European Union (EU) in 1993, the EEC was incorporated and renamed as the European Community (EC). In 2009 the EC's institutions were absorbed into the EU's wider framework and the community ceased to exist.

paragraph_text: The European Inventor Award or European Inventor awards (formerly European Inventor of the Year Award, renamed in 2010), are presented annually by the European Patent Office, sometimes supported by the respective Presidency of the Council of the European Union and by the European Commission, to inventors who have made a significant contribution to innovation, economy and society in Europe. Inventions from all technological fields are considered for this award. The winners in each category are presented with an award shaped like a sail. There is no cash prize associated with the award.

paragraph_text: 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.

paragraph_text: The independence of the ECB is instrumental in maintaining price stability. Not only must the bank not seek influence, but EU institutions and national governments are bound by the treaties to respect the ECB's independence. To offer some accountability, the ECB is bound to publish reports on its activities and has to address its annual report to the European Parliament, the European Commission, the Council of the European Union and the European Council. The European Parliament also gets to question and then issue its opinion on candidates to the executive board.

paragraph_text: Think-tanks such as the World Pensions Council have also argued that European legislators have pushed somewhat dogmatically for the adoption of the Basel II recommendations, adopted in 2005, transposed in European Union law through the Capital Requirements Directive (CRD), effective since 2008. In essence, they forced European banks, and, more importantly, the European Central Bank itself e.g. when gauging the solvency of financial institutions, to rely more than ever on standardised assessments of credit risk marketed by two non-European private agencies: Moody's and S&P.

paragraph_text: Judith Merkies graduated with a law degree from the University of Amsterdam and pursued a career as a lawyer before taking on post-graduate studies in European and International Law at the same university. Merkies has worked for the institutions of the European Union as well as for various industries. Prior to becoming a Member of the European Parliament Merkies worked as a Project Manager for the Education, Audiovisual & Culture Executive Agency (EACEA) of the European Commission. From 2005 to 2006 she worked as an executive manager at the European Music Office, an international non-profit association bringing together professional organizations, associations and federations from the music sector within the European Union. From 2000 to 2004 she worked as a representative of professionals and companies in the Dutch film industry.

paragraph_text: The interwar period was also marked by a radical change in the international order, away from the balance of power that had dominated pre–World War I Europe. One main institution that was meant to bring stability was the League of Nations, which was created after the First World War with the intention of maintaining world security and peace and encouraging economic growth between member countries. The League was undermined by the bellicosity of Nazi Germany, Imperial Japan, the Soviet Union, and Mussolini's Italy, and by the non-participation of the United States, leading many to question its effectiveness and legitimacy.

paragraph_text: Greece is a developed country with high standards of living[citation needed] and high Human Development Index. Its economy mainly comprises the service sector (85.0%) and industry (12.0%), while agriculture makes up 3.0% of the national economic output. Important Greek industries include tourism (with 14.9 million international tourists in 2009, it is ranked as the 7th most visited country in the European Union and 16th in the world by the United Nations World Tourism Organization) and merchant shipping (at 16.2% of the world's total capacity, the Greek merchant marine is the largest in the world), while the country is also a considerable agricultural producer (including fisheries) within the union.

paragraph_text: The President of the European Council is the person presiding over and driving forward the work of the European Council, as well as a principal representative of the European Union (EU) on the world stage. This institution comprises the college of heads of state or government of EU member states as well as the President of the European Commission, and provides political direction to the European Union (EU).

paragraph_text: Greece is classified as an advanced, high-income economy, and was a founding member of the Organisation for Economic Co-operation and Development (OECD) and of the Organization of the Black Sea Economic Cooperation (BSEC). The country joined what is now the European Union in 1981. In 2001 Greece adopted the euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachmae per euro. Greece is a member of the International Monetary Fund and of the World Trade Organization, and ranked 34th on Ernst & Young's Globalization Index 2011.

paragraph_text: In 1999, Estonia experienced its worst year economically since it regained independence in 1991, largely because of the impact of the 1998 Russian financial crisis.[citation needed] Estonia joined the WTO in November 1999. With assistance from the European Union, the World Bank and the Nordic Investment Bank, Estonia completed most of its preparations for European Union membership by the end of 2002 and now has one of the strongest economies of the new member states of the European Union.[citation needed] Estonia joined the OECD in 2010.

paragraph_text: The Greek economy is classified as advanced and high-income. Greece was a founding member of the Organisation for Economic Co-operation and Development (OECD) and the Organization of the Black Sea Economic Cooperation (BSEC). In 1979 the accession of the country in the European Communities and the single market was signed, and the process was completed in 1982. Greece was accepted into the Economic and Monetary Union of the European Union on 19 June 2000, and in January 2001 adopted the Euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachma to the Euro. Greece is also a member of the International Monetary Fund and the World Trade Organization, and is ranked 24th on the KOF Globalization Index for 2013.

paragraph_text: As a member of the European Union, Estonia is considered a high-income economy by the World Bank. The GDP (PPP) per capita of the country, a good indicator of wealth, was in 2015 $28,781 according to the IMF, between that of Slovak Republic and Lithuania, but below that of other long-time EU members such as Italy or Spain. The country is ranked 8th in the 2015 Index of Economic Freedom, and the 4th freest economy in Europe. Because of its rapid growth, Estonia has often been described as a Baltic Tiger beside Lithuania and Latvia. Beginning 1 January 2011, Estonia adopted the euro and became the 17th eurozone member state.

paragraph_text: The primary objective of the European Central Bank, as laid down in Article 127(1) of the Treaty on the Functioning of the European Union, is to maintain price stability within the Eurozone. The Governing Council in October 1998 defined price stability as inflation of under 2%, “a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%” and added that price stability ”was to be maintained over the medium term”. (Harmonised Index of Consumer Prices) Unlike for example the United States Federal Reserve Bank, the ECB has only one primary objective but this objective has never been defined in statutory law, and the HICP target can be termed ad-hoc.

Question: How did the EU rank the economy of the country where the institution meant to bring stability was located?
Answer: Europe's most innovative country