Von der Leyen: Innovation investment must rise to match global ambitions

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Incoming Commission President Ursula von der Leyen Wednesday reiterated the importance of moving to “significantly modernize” the EU budget to ensure Europes industry can keep up with global competitors.

At her confirmation speech in Strasbourg, von der Leyen said Europe is failing to invest sufficiently in innovation — a nod to the ongoing dispute over how to allocate spending in the blocs long-term budget for 2021-2027.

“We are the worlds trading superpower. We rank first globally in exporting manufactured goods and services. We are the largest source and destination of foreign direct investment anywhere in the world,” she said. “We should harness this transformative power of the twin climate and digital transition to strengthen our own industrial base and innovation potential. This can only be done through investment.”

Von der Leyen said a shift was urgently needed to prevent Europe from falling behind competitors such as the U.S. and China.

“For years, we invested less in innovation than our competitors do,” she said. “This is a huge handicap to our competitiveness … This is why we should not see the next Multiannual Financial Framework as a simple accounting exercise. The world seven years ago looks nothing like the world in seven years time. Our budget must be significantly modernized.”

The Commissions blueprint for the seven-year MFF proposes spending more on innovation and cutting allocations for Read More – Source

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