European Commission Proposes European Institute of Technology

The European Commission today proposed the establishment of a European Institute of Technology (EIT). The Institute would facilitate and work with network-like joint ventures between academic, research and business partners to help drive innovation and help the EU face the challenges of a globalizing, knowledge-based world economy. Subject to approval by the European Parliament and the Council of the European Union, the EIT could begin operations in 2008 with an estimated 2008-2013 budget of up to 2.4 billion euros, to be financed by public and private sources.

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