Today's Date:

European Council

As we all know, the European Union is very much lagging behind in Research and Development, especially at company level. The Commission has highlighted the fact that it is particularly the small and medium-sized businesses which lag behind in R&D because they find it difficult to finance.

Against this background, I wanted, at Hampton Court, significantly to increase the EU's research effort. My proposal, based on an idea of Jean-Claude Juncker, is to create a new €10 billion "research facility” to finance research projects in partnership with the private sector.

To commit this money, we need to set up a guarantee fund of €2 billion: €1 billion financed by the EIB out of its surplus "own funds”, and the remaining €1 billion from the EU budget.

I would like us today to reaffirm the importance of this project, which the EIB should be launching this June at the latest. It is essential for growth and employment in Europe. It is the opportunity to give concrete substance to the Lisbon Strategy./.