Innovation for EU recovery

Innovation - a key to EU recovery According to the EU Council, innovation is increasingly seen as a means for Europe to recover from the economic recession and compete on global markets.

To succeed, the EU has to review its innovation policy. How this can best be done was discussed by the Competitiveness Council on 24 and 25 September. Research and innovation are part of the Lisbon strategy. The aim is to create jobs and growth, to make the EU highly competitive and to do this on a sustainable basis.

Almost all EU Member States have improved their innovation score. The gap between the EU and its key rivals, the US and Japan, has narrowed. But with new competitors emerging and tough challenges ahead, such as the need to adapt to a low-carbon economy, Europe must do better.

A Commission report presented to the Council assesses progress made and identifies remaining gaps. It notes that the world's most innovative countries - some of which are in the EU - spend above the average on education and life-long learning and have the highest research and development spending as a percentage of GDP. While the economic recession is likely to reduce available resources, prioritising investment in research and innovation can play a key role in fostering sustainable economic recovery.

Promoting market uptake of innovations, building synergies and stepping up financial support for innovation are examples of measures that can contribute to the development of a common European Research Area.

Published on 1 October 2010