But the key factor in positioning the EU as leading-edge is the presence of R&D clusters or centres of excellence, suggests the survey from business school INSEAD and consultancy firm Accenture.

A majority (54 per cent) of those polled agree that such initiatives are crucial, while 44 per cent demand ‘an integrated vision and strategy on innovation for the EU’.

The availability of venture capital is considered important by a third of respondents, with a similar number stating that government incentives, both financial and non-financial, are key.

Protectionism is seen as a major threat to economic recovery by respondents to the survey, with over half of the surveyed chief executives stating that progress towards trade liberalisation has been either slow (45 per cent) or non-existent (19 per cent).

CEOs from the EU make up 82 per cent of the survey sample, while 26 per cent of those polled are from the UK.