Investment in innovation for European recovery: A public policy priority

Abstract

Abstract The 2008 crisis had severe consequences in Europe at many levels. One of them is the significantly lower levels of public and private investments. This article explores to what extent a large plan of public innovation investment could contribute to the overall economic recovery and to opening a new stage of development in the European Union (EU). We argue that key scientific and technological opportunities, currently untapped, exist, which have the potential to accelerate economic growth and to pull in private investments. Decisive instruments, such as the Juncker investment plan and the proposed 2021–7 Framework Programme Horizon Europe, are important steps in that direction. The article concludes by reviving Lundvall’s call for a Council for Innovation and Competence Building that should have the same political weight as the EU Economic and Financial Affairs Council.