EU unveils multi-billion research fund to boost economy

The EU commissioner for research and innovation, Ireland's Máire Geoghegan-Quinn, announced yesterday (19 July) nearly €6.4 billion of investment in research and development to be spent by the end of 2011.

The package, described as Europe's biggest ever investment drive in the sector, aims to increase European competitiveness and help tackle EU priorities such as climate change, energy, food security, health and the ageing population.

"Investment in research and innovation is the only smart and lasting way out of crisis and towards sustainable and socially equitable growth. This European package will contribute to new and better products and services, a more competitive and greener Europe, and a better society with a higher quality of life," Geoghegan-Quinn said, arguing that the package will create more than 165,000 jobs.

In May, more than 23 million or 9.6% of the working population in the EU were unemployed, according to Eurostat. In the first quarter of 2008, the unemployment rate in the EU was at 6.7%.

The commissioner said it would involve the work of 16,000 researchers, including employees of about 3,000 SMEs.

"This is a huge and efficient economic stimulus and an investment in our future," said the commissioner.

Covering a range of scientific disciplines, public policy areas and commercial sectors, the package earmarks more than €600 million for the health sector, while €1.2 billion will go towards boosting information and communication technology (ICT) research.

More than €1.3 billion will be reserved for the best creative scientists selected by the European Research Council, and SMEs will receive close to €800 million.

Geoghean-Quinn outlined EU efforts to bring research discoveries into mainstream use more quickly. For example, a third of the health allocation would be spent on clinical trials to get new drugs on the market as soon as possible, she said.

As for nanotechnology, €270 million would be spent on research that could lead to patenting and commercialisation opportunities, the commissioner said.

The fund is seen as part of the EU's flagship 'Innovation Union', to be launched this autumn.

It seeks to speed up the innovation process "from research to retail," something that would help Europe compete more effectively with the US and others, Geoghegan-Quinn said.

Last week (15-16 July), research and industry leaders urged ministers at the informal meeting of the EU Competitiveness Council to simplify procedures and remove obstacles such as fragmentation, unnecessary competition between EU countries, patent flaws and a shortage of researchers.

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