Devolution has failed to save Wales's struggling economy, according to one of the country's top business figures.
In an interview with the The Cardiffian, David Rosser, director of the Confederation of British Industry Wales, said poor economic performance was probably the greatest disappointment of devolved government so far.
His comments come just two days before voters decide on whether to shift more power from Westminster to the Assembly.
He said: "I think the economy is one area where there hasn't really been a devolution dividend. We have put a lot of money into economic development, some out of it from the Welsh block and some from the European money.
"And it is hard for anyone to think we have turned around the trajectory of the economy using that cash. It is probably the greatest disappointment of devolution so far."
The CBI, Britain's biggest business lobbying group, is refusing to take sides in the referendum. But Mr Rosser has challenged Welsh parties to explain how they would seek to change tax laws if they were one day given powers similar to those now held by the Scottish Government.
"I think it is a challenging issue. Clearly low taxation is of benefit to investment. But equally tax simplification and a level playing field across the UK has a lot of benefits for businesses too.
"I think a useful starting point would be for each political party hoping to be elected in Wales to set out very clearly what they would do with those powers if they ever got them."
Mr Rosser's comments reflect figures released by the Office for National Statistics in November, which show Wales's contribution to the UK's GDP has been dropping since 1997, while one in five 18 to 24 year olds in the Welsh capital is registered as unemployed.
Mr Rosser added business investment and exports would form the backbone of the economy over the next five years, as both the Government and consumers continue to spend less.