By its conceptual construction, Europe is the best environment for the proliferation of knowledge and technology based communities and individuals. Creating the appropriate economic and institutional framework that provides incentives for the efficient use of local and global knowledge, that fosters technological entrepreneurship, and that permits rapid adaptation in firms, institutions and markets is a daunting challenge for any country, and particularly so for the new EU member countries. Knowledge, innovation, technology and the new economy became for same time the new issues of the European policies. The purpose of his paper is to present some aspects regarding the state of knowledge society creation in EU member states and to highlight the challenges for the new member states and accession countries.