This document discusses Wallonia's experience with smart specialization strategies (S3) and peer reviews. It outlines Wallonia's progression from developing a regional innovation strategy in 2000-2010 to undergoing peer reviews in 2012-2013. Wallonia is now deepening its S3 focus on areas like innovation, internationalization, and resource efficiency. Peer reviews brought external perspectives but lacked regional context understanding and focus on implementation. Wallonia sees value in exploring complementarities between regions through initiatives like the Vanguard Initiative on advanced manufacturing cooperation. New analysis and policy tools are needed for improved cross-regional implementation of S3 strategies.