Investment in innovation for European recovery: a public policy priority
DOI:
https://doi.org/10.14600/irpps_wps.110.2018Keywords:
R&D, European Union, Juncker Plan, EU Framework Programmes for Research and Technological Development, Research policy, Innovation policyAbstract
The 2008 crisis had severe consequences in Europe, especially for investment, including investments in R&D and innovation. We argue that there are large scientific and technological opportunities that could pave the way to a new stage of social development and economic growth, but they need appropriate economic policies to be seized. A European recovery can come from developing and exploiting these opportunities, but to do so requires a large public programme of investment in R&D and innovation that attracts businesses to invest further. The European Union could play a crucial role in this process by pursuing the ambitious goals outlined by the European Council in the Lisbon (2000) and Barcelona (2002) summits, which unfortunately were abandoned as a consequence of the economic crisis and the austerity measures. Powerful instruments, such as the Juncker investment plan, and the proposed 2021-2027 Framework Programme Horizon Europe, can provide the right kind of stimulus. A re-organization of the governance of the European innovation and competence building through a proper Council at the EU level is essential.References
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