The Commission adopted its official proposal for the European Institute of Technology (EIT) on 18 October 2006. The final proposal does not differ greatly from the two previous Commission communications on the issue except that the Knowledge Communities are now described as Knowledge and Innovation Communities and that this document, finally, spells out the budget foreseen for the institute. (For the two previous communications see EurActiv 23 February 2006 and 9 June 2006.)
Some €2.4 billion is foreseen to be spent between 2008 and 2013. The Commission proposes €310 million to be allocated directly from the EU budget, mainly for the initial start-up phase. The rest, €2.1 billion, is expected to come from the private sector. The institute will also be eligible to apply for money from EU aid funds - the Knowledge and Innovation Communities can, for example, apply for project funding under FP7. Education Commissioner Jan Figel said that an "EIT foundation" could be established to gather the necessary funds.
The European Chambers of Commerce immediately reacted to the proposal, asking for clarification. "Where will the money come from?" asks the association, which represents more than18 million enterprises in Europe. In paricular, it wants to know how the Commission intends to attract private investors.
"I've met many business leaders and they agree with the aims of the EIT. I'm sure that EIT won't lack finance," said Commission President Jose Manuel Barroso, revealing "fighting climate change" as EIT's top priority. "Our ambition is to have the EIT up and running before the end of the mandate of this Commission. I am looking to the informal summit of heads of state and government in Lahti [20 October 2006] to provide their political support for this new flagship for innovation in Europe," he added.
