EU Leaders Facing ‘Innovation Emergency’
On the heels of an innovation scorecard that showed the EU is losing ground on the US and Japan – while Brazil and China close the gap – EU leaders used the Council of the European Union Summit to issue a call for stronger innovation and research. Facing an ‘innovation emergency,’ summit participants agreed on the need for: cooperation on large-scale research projects; less troublesome funding formalities; and, new sources of venture capital for innovative start-up enterprises.
The EU Council also called the establishment of a formal European Research Area within the next two years as one of its most important goals. The ERA would be composed of all research and development activities, programs and policies in Europe which involve a transnational perspective—enabling researchers, research institutions and businesses to increasingly circulate, compete and co-operate across borders.
Until that point, who are the ‘innovation leaders’ in the EU? The scorecard puts Sweden at the top of the list, followed by Denmark, Finland and Germany (all well above the EU27 average).