EU ministers agree to set up European Institute of Innovation and Technology

EU research ministers agreed Friday to set up a European Institute of Innovation and Technology (EIT) and to create four private-public sector partnerships in the field of technology as part of a drive to bridge the bloc's competitive gap with the United States. The political agreement should allow to start implementation of the EIT regulation as from Spring 2008. The EIT will have a governing body, a director and an executive committee, but will not be a new institute as such. Rather, it will network and pool resources from Europe's universities and will initially seek to focus research into three broad areas: energy, climate change and information technology. The EU has earmarked 308.7 million euros for the functioning of the EIT for a period of six years.

Press release of the council meeting here.