EUROPEAN UNION FRAMEWORK PROGRAMME 7 BUILDING THE EUROPE OF KNOWLEDGE
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In March 2000, the Lisbon European Council set the goal of becoming by 2010 “the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion”. This was called the Lisbon Strategy. The project of creating a European Research Area (ERA) was endorsed as a central element of the Lisbon Strategy to achieve this goal. However, EU still invests too little in R & D. In 2003, top 500 private R & D spenders in EU decreased their R & D investment by 2.0%. Top 500 private R & D spenders outside EU increased their R & D investment by 3.9%. Overall R &D investments are as follows: EU: 1.96%; US: 2.59%; S. Korea: 2.91%; Japan: 3.12%. ERA is implemented through so-called Framework Programmes (FP). FP7 is proposed on the basis of a doubling of funds and the duration is 7 years (2007-13). FP7 will fund R& D projects of immediate industrial relevance & needs of industry. Projects will include both public research institutions and private companies (PPP).