I believe this is Foundry Form Serif.
Similar: FF Celeste, FF Page Serif, and ITC Charlotte

Thanks for the reply Stephen, its the closest one i could find as well, but unfortunately its not a perfect match. Take a close look at the a & b for example, also the horizontal 'serif parts'are slanted in foundry form serif, and are really horizontal in this sample.

I ran your image through the recognition component of our (soon to be released) font manager (http://www.typedna.com), and based our database..this is a similar match (not the exact):

Let me know if you need other fonts that are similar, as I can provide a list of further matches. If you are interested in registering as a beta tester for our software please visit http://www.typedna.com, this will allow you to play around with our recognition software first-hand and see how font manager differs from those currently available.

Thanks, Darren. I've signed up to beta.

xen - What's the source of this image? It could very well be custom.

Great idea Stephen. I will put a post up shortly requesting Beta testers, Darren.

Should be Ascender Serif
www.ascenderfonts.com/font/ascender-serif-family.aspx

Good call, Indra!

I've been schooled by Prof. Kupferschmid.

Sorry for that Mr. Cross-Reference-Coles ))

Nice one kupfers that seems to be spot on!

As for the source it was a newspaper ad for a quality label from the Belgian Government :)