Brussels, 12 October 2010 – The European Commission’s “Innovation Union”, sets out a strategic approach to innovation, driven by the highest political level. The Innovation Union will focus Europe’s efforts and co-operation with third countries – on challenges like climate change, energy and food security, health and an ageing population.
The Innovation Union is a “flagship” in the Europe 2020 Strategy. Recent estimates show that meeting the Europe 2020 target of increasing R&D investment to 3 percent of GDP could create 3.7 million jobs and increase annual GDP by up to €795 billion by 2025. One million extra researchers will be needed. The Innovation Union will be discussed at the Competitiveness Council on 12 October and at the European Council in December. Progress will be monitored as part of the governance of the Europe 2020 Strategy.