Research and innovation spending in Europe has stagnated and continues to lag behind that of the US and other key economic powers, says a European Commission report on science and technology.
The commission’s second report on science and technology compares effort and performance across the top 50 countries which spend the most on R&D.
It urges European governments and companies to invest more in research, innovation and human capital, which it sees as critical to economic success as well as stimulating growth and creating jobs.
Edith Cresson, European Commissioner for research, innovation, education, training and youth, warned that investment in science ‘is not being adequately translated into industrial and commercial success’.
The report shows the strong growth of the US economy in recent years was preceded by a spectacular improvement in technical innovation. This was primarily the result of significant public and private investment in research and innovation in the previous decade.