EU Action Plan to boost research efforts in Europe (Extract from: Preparation of the Competitiveness Council, 22nd September 2003)

Brussels, 19 th September 2003

On 30 th April 2003, the Commission adopted a Communication on "Investing in research: an action plan for Europe" (COM(2003)226) which sets out initiatives to reach the Barcelona "3% objective". The Action Plan identifies initiatives required to increase the level of investment in research in the EU from 1.9% to 3% of average Gross Domestic Product (GDP), with two-thirds financed by the private sector.

The Council, at its meeting on 13 th May 2003, had a first exchange of views on this Communication.

On 22 nd September, the Council may adopt a Council Resolution responding to the Commission's Communication. The Resolution would invite Member States, Acceding countries and the Commission to develop and implement several measures aimed at achieving the 3% objective, through the open method of co-ordination, such as:

• promoting human resources,

• developing a European risk capital/venture capital market,

• improving the environment for the development of new technologies,

• and intensifying co-operation between industry and public research.

DN: MEMO/03/179 Date: 19/09/2003