The European Commission announced proposals to establish a European Institute of Technology (EIT) to rival the US Massachusetts Institute of Technology.
Unveiling the plan, European Commission President Jose Manuel Barroso said the proposed Institute will be a flagship for excellence in innovation, research and higher education in Europe. China's research spending is growing 20% per year. Europe spends 60 euros per head on ICT (information and communication technology) research, US spends three times more. The EIT will attract talents and bring together the best actors in the knowledge triangle: innovation, research and education. If the European Parliament and the European Council give their consent, the EIT could begin operations in 2008, with an estimated budget of up to 2.4 billion euro for the period 2008-2013, to be financed by public and private sources.