Commissioner Maire Geoghegan-Quinn announced nearly EUR 7 billion to kick-start innovation through research. The European Commission’s biggest ever such funding package, under the EU’s Seventh Framework Programme for Research (FP7), is expected to create around 174 000 jobs in the short-term and nearly 450 000 jobs and nearly EUR 80 billion in GDP growth over 15 years. EUR 488 million for nanotechnologies will focus on areas such as factories of the future, green cars and energy efficient buildings.
