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Capital Markets Union and Fintech : political agreement to boost crowdfunding in the EU

The European Commission welcomes the provisional political agreement reached yesterday evening between the European Parliament and the Council on its proposal to boost Crowdfunding in the EU.

The proposal, a key building block of the Capital Markets Union, aims to harness the opportunities presented by emerging technology-enabled innovations in the financial sector, known as FinTech. With this agreement, 12 out of 13 Capital Markets Union legislative proposals have been adopted or agreed at EU level.

Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People said: “I welcome the agreement reached on our crowdfunding proposal. This is an important source of alternative financing for many innovative European entrepreneurs and start-ups, which may struggle to access traditional financing channels. An EU crowdfunding licence would help crowdfunding platforms scale up in Europe. This will allow investors to match up with companies from all over the EU, bringing more opportunities for firms and entrepreneurs to pitch their ideas to a wider base of investors.” Continue reading “Capital Markets Union and Fintech : political agreement to boost crowdfunding in the EU”

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Commission and OECD present recommendations to help EU countries and regions achieve industrial transition

Today the Commission and the Organisation for Economic Co-operation and Development (OECD) present a report on an initiative launched in 2017 to help 12 EU regions and Member States achieve industrial transition and hold their own in a globalised economy.

Teams of OECD and Commission experts worked with the regions and the two Member States to identify what was holding back job creation and growth in these areas. The goal was to reinforce their long-term development strategies based on areas of competitive strength – their ‘smart specialisation‘ assets. These strategies encompass social fairness, economic modernisation and climate ambitions.

Based on this experience, the report presents a toolkit for national and regional authorities, providing concrete solutions to address obstacles to industrial transition in five main priorities.

Commissioner for Neighbourhood Policy, Enlargement Negotiations and Regional Policy, Johannes Hahn said: “Prosperity and well-being at EU level start in our regions. For two years, teams of Commission and OECD experts have worked hand in hand with national and local actors to help them embrace innovation, decarbonisation, digitalisation and develop the skills needed for the jobs of tomorrow. These are the four cardinal points of a transition that gives a fair chance to everyone.” Continue reading “Commission and OECD present recommendations to help EU countries and regions achieve industrial transition”

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European Institute of Innovation and Technology: strategy for 2021-2027

Today, the European Commission has proposed an update of the legal base of the European Institute of Innovation and Technology (EIT) as well as its new Strategic Innovation Agenda for 2021-2027.

The EIT is an independent EU body created in 2008 that is strengthening Europe’s ability to innovate. The proposals adopted today will align the EIT with the EU’s next research and innovation programme Horizon Europe (2021-2027) delivering on the Commission’s commitment to further boost Europe’s innovation potential. With a proposed budget of €3 billion, which represents an increase of €600 million or 25% compared to the current Strategic Innovation Agenda (2014-2020), the EIT will fund activities of existing and new Knowledge and Innovation Communities (KICs) and support the innovation capacity of 750 higher education institutions.

Tibor Navracsics, Commissioner for Education, Culture, Youth and Sport, responsible for the EIT, said: “Since 2008, the European Institute of Innovation and Technology has been nurturing talent and creativity through a unique focus on education and entrepreneurship. The strategy we are now putting in place for 2021-2027 will help ensure that all of Europe’s regions benefit from the Institute’s potential and will further boost the innovation capacity of our higher education sector. And I am particularly proud to announce today the launch of a new Knowledge and Innovation Community to support innovation in the cultural and creative industries, planned for 2022.” Continue reading “European Institute of Innovation and Technology: strategy for 2021-2027”