Community activity in this field continues to be extensive. Intellectual property is seen as a key resource for the European Union (‘EU’), and crucial to its position in the global economy. The EU's manufacturing sector is much decreased in importance in comparison with the services sector. New information and communications technologies have transformed the economic environment. The Commission repeatedly emphasises the importance of intellectual property rights for innovation, employment, competition, and economic growth. Intellectual assets are regarded as central to success in the new ‘knowledge economy’. There are two main strands to the Commission's work with intellectual property. One is the harmonisation of the laws of Member States, in order to eliminate barriers to trade. The other is the creation of unitary systems to protect intellectual property rights throughout the Community on the basis of a single application for protection. The Commission also demonstrates particular concern regarding counterfeiting.