The EU-27 ministers in charge of competitiveness reached, on 23 November 2007, a political agreement on a compromise text put forward by the Portuguese Presidency on the Commission's proposal for a regulation establishing the European Institute of Innovation and Technology (EIT).
The agreement was reached after an informal trialogue with the European Parliament, which emphasised the need to test the institute with a limited number of pilot projects before agreeing upon the future of the institute beyond 2013. A second reading is expected in the Parliament before the end of 2007, in view of the regulation's final adoption in early 2008.
Several countries have already expressed their desire to host the institute and in the Council discussions, on 23 November, some member states pressed for the EIT's governing board to be established "as soon as possible". "Poland will do its outmost to contribute to the financing of EIT," said the Polish Minister, arguing for the EIT governing board to be set up in Poland.
While the content of the regulation is now known and agreed upon, the precise funding of the institute remains somewhat unclear. The sources of the Community contribution to the EIT will be subject to a separate agreement "which is to be found at a later stage".
The Council has agreed to allocate some €308.7 million of Community money to the EIT's initial phase, 2008-2013, but no money is foreseen for that purpose in the EU's long-term budget. Part of the amount could be assigned to the EIT from the 2008 budget.
Parallel to the ministers in charge of competitiveness, the EU-27 economy ministers meet on 23 November to discuss the EU budget for 2008, and the sources of the Community money for the institute.
