New EU report outlines a range of R&D proposals

The European Commission this week outlined its revised strategy for bringing the Lisbon strategy, a strategy intended to establish the EU as the world's biggest knowledge economy, with an increased focus on technology research & development (R&D).

Its revised plans, which were revealed in a speech by Commission president Jose Manuel Barroso, aims to reduce regulations on business, increase public spending on R&D, and promoting new high-tech centres.

A key proposal includes the creation of a European version of America's Massachusetts Institute of Technology (MIT), which has churned out more than 4,000 companies and won 59 Nobel prizes since it was set up in 1865.

The proposed European MIT would act as a magnet for attracting the best minds, ideas and companies from around the world to develop research in new areas of science.

Europe currently spends about two per cent of its gross domestic product on R&D, which it hopes to increase to three per cent over time.

The report, entitled 'Growth and Jobs: Working Together for Europe's Future' says growth in the EU will slow to one per cent a year if rapid action is not taken.

'The way we went about it in 2000 was not very credible. There have been too many objectives and commitments. The overall goal was right, but the implementation was poor,' said Barroso.