Eurogroup discusses R&I as means to boost competitiveness
On 7 November 2019, the Eurogroup held a thematic discussion on growth and jobs. Ministers exchanged views on investment in innovation and research as a means to boost productivity and competitiveness in the euro zone. The European Commission underlined that the eurozone underinvests in research and innovation compared to its competitors. Expenditure on research & development from the private sector remains low compared to Japan, the US or China. The group stated that fostering knowledge-intensive and sustainable growth, including via subsidies and incentives for investment in R&D can help increase the returns on investment.
Albert Bravo-Biosca, Director of the Innovation Growth Lab at Nesta, shared concrete recommendations on how to increase the efficiency of innovation policy. He encouraged innovation policy to be more experimental. Facing new challenges that we have not encountered before would require imaginative solutions.
For more information:
Discussion note (Albert Bravo-Biosca) Increasing the impact of public investments in innovation
Technical Note (EC) Investment in the Euro Area: Focusing on Research and Innovation