Dr Anneli Pauli, from the Directorate General for Research & Innovation, outlines the Commission's Innovation Union initiative to boost smart, sustainable and inclusive growth…
Given the changing demographic profile in Europe and the increasing global competition for investments, markets and talented people, the EU needs to find ways to create millions of new jobs to replace those lost in the financial crisis. The EU also has to safeguard its prosperity by increasing its labour productivity and producing first-class products and services to compensate for its higher wages. This, in turn, will depend to a large extent on its capacity to innovate in products, services, business and social processes. This is why innovation is one of the key strands of the Europe 2020 strategy.
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