The EC has adopted an economic recovery plan in response to the global financial crisis, which was then approved at the European Council meeting on 11-12 December 2008. The aim of the package, which amounts in total to around €200 billion, is to restore consumer and business confidence, restart lending, and stimulate investment in the EU’s economies. The plan includes shorter-term stimulus actions and longer-term actions including those related to the four priority areas of the Lisbon Strategy – people, business, infrastructure and energy, and research and innovation. On 26 November 2008, Janez Potočnik, European Commissioner for Science and Research, also gave a speech to the British Chamber of Commerce in Belgium focussed on the economic situation. His speech was entitled ‘Knowledge based growth: keeping on course in turbulent waters’.

The actions include a simplification of the State Aid decision making processes and a temporary easing of the access to finance for companies, which should be channelled into actions including research, innovation and training. Noting a need to continue investment in research infrastructures the communication states that the European Investment Bank will accelerate the implementation of the Risk Sharing Finance Facility (RSFF), something which can be used to assist with infrastructure costs. To help counter the effects of potential cuts in both public and private research and development investments which are required to increase public-private partnerships. The EC, therefore, proposes three Joint Technology Initiatives (JTIs) on European green cars, energy efficient buildings, and a ‘factories of the future’ initiative to help manufacturers integrate new enabling technologies.

You can read more stories like this one in the January edition of European RTD Insight.