The "memory wall" is the growing disparity of speed between CPU and memory outside the CPU chip. An important reason for this disparity is the limited communication bandwidth beyond chip boundaries. From 1986 to 2000, CPU speed improved at an annual rate of 55% while memory speed only improved at 10%. Given these trends, it was expected that memory latency would become an overwhelming bottleneck in computer performance. 
Currently, CPU speed improvements have slowed significantly partly due to major physical barriers and partly because current CPU designs have already hit the memory wall in some sense. Intel summarized these causes in their Platform 2015 documentation (PDF)
“First of all, as chip geometries shrink and clock frequencies rise, the transistor leakage current increases, leading to excess power consumption and heat... Secondly, the advantages of higher clock speeds are in part negated by memory latency, since memory access times have not been able to keep pace with increasing clock frequencies. Third, for certain applications, traditional serial architectures are becoming less efficient as processors get faster (due to the so-called Von Neumann bottleneck), further undercutting any gains that frequency increases might otherwise buy. In addition, partly due to limitations in the means of producing inductance within solid state devices, resistance-capacitance (RC) delays in signal transmission are growing as feature sizes shrink, imposing an additional bottleneck that frequency increases don't address.”
The RC delays in signal transmission were also noted in Clock Rate versus IPC: The End of the Road for Conventional Microarchitectures which projects a maximum of 12.5% average annual CPU performance improvement between 2000 and 2014. The data on Intel Processors clearly shows a slowdown in performance improvements in recent processors. However, Intel's new processors, Core 2 Duo (codenamed Conroe) show a significant improvement over previous Pentium 4 processors; due to a more efficient architecture, performance increased while clock rate actually decreased.