The industrial world is undergoing a profound transformation which is sometimes labelled the ‘third industrial revolution’ or the beginning of the ‘information society’. This chapter discusses the growth of services and the role of services in the overall growth of the European economy as a whole, to reduce the conceptual and methodological limitations in understanding and to develop a more adequate framework for assessing the service sector and for making policy recommendations. It focuses on producer services, which contrast with consumer services, both showing different patterns of development. The chapter summarizes the arguments and facts so as to stimulate new insights into the role of services in the development of the European economies. A European global policy framework for services seems necessary to guide the various efforts towards the abolition of the numerous restrictions and discriminatory practices. The chapter also presents an overview on the key concepts discussed in this book.