The OJ has published on 9th April the REGULATION (EC) No 294/2008 of the EP and Council related to the establishment of the European Institute of Innovation and Technology (EIT) with a initial budget for the period from 1 January 2008 to 31 December 2013 of EUR 308,7 million. Regulation will enter  enter into force on the 29th april 2008.

The European Institute of Innovation and Technology's objective is to contribute to sustainable European economic growth and competitiveness by reinforcing the innovation capacity of the Member States and the Community. It shall do this by promoting and integrating higher education, research and innovation of the highest standards.

In order to achieve its objective, the EIT will:

• Identify its priority fields.
• Raise awareness among potential partner organisations and encourage their participation in its activities.
• Select and designate KICs (Knowledge and Innovation Communities) in the priority fields.
• Mobilise funds from public and private sources and use its resources to raise a significant and increasing proportion of its budget from private sources and from income generated by its own activities;
• Encourage the recognition in the Member States of degrees and diplomas which are awarded by higher education institutions.  Labelled EIT degrees and diplomas.
• Promote the dissemination of good practices for the integration of the knowledge triangle in order to develop a common innovation and knowledge transfer culture.
• Seek to become a world class body for excellence in higher education, research and innovation.
• Ensure complementarity and synergy between EIT activities and other Community programmes.

Next steps

On the 11th April it was opened a public consultation on selection criteria for the EIT Governing Board. The first stage will consist of a public consultation where EIT stakeholders and the general public will be invited to comment and / or expand on the proposed criteria for the selection of the EIT's initial Governing Board. Please note that the closing date for submissions is Friday 28th March 2008.
Then, within 12 months after its creation, the Governing Board shall submit the draft of the first rolling triennial work programme to the European Parliament, the Council and the Commission. The European Parliament, the Council and the Commission may each address an opinion to the Governing Board on any subject covered in draft within three months of the day on which they received it.

European Institute of Innovation and Technology key dates

• February 2005: President Barroso put forward the idea of establishing a European Institute of Technology (EIT) as a contribution to the mid-term review of the Lisbon Strategy for Growth and Jobs.
• From 15th September and 15th November 2005: Public consultation with European stakeholders, Member States and the general public on what the mission, added value, structure and priorities of the EIT should be.
• 22nd February 2006 : first Communication on the EIT on the "Establishing the renewed partnership for growth and jobs – Developing a knowledge flagship: the European Institute of Technology."
• European Council of 23rd-24th March 2006 recognised that "a European Institute of Technology will be an important step in filling the existing gap between higher education, research and innovation" and invited the Commission to submit a proposal on further steps.
• 8th June 2006: second Communication on the EIT, which drew extensively on the outcomes of a second phase of consultations with European stakeholders and Member States.
• 18th October 2006: proposal for a Regulation on the establishment of the EIT accompanied by an impact assessment report.  With a "co-decision" negotiation process.
• September 2007: European Parliament's subsequent Resolution.
• 23rd November 2007: political agreement on the establishment of the “European Institute of Innovation and Technology (EIT) with a budget of 309 million Euros for the 2008-2013 period.
• 21st January 2008: common position on a draft Regulation for the establishment of a European Institute of Innovation and Technology.
• 18th February 2008 Approval of the Council's common position on the draft EIT Regulation.