The European Parliament adopted the Regulation establishing the European Institute of Innovation and Technology (EIT).
The next steps include appointing the EIT's Governing Board by June 2008 and establishing the first two or three Knowledge and Innovation Communities (KICs) towards end of 2009.
Welcoming the Parliament's vote, European Commission President José Manuel Barroso stated: "I am delighted with this decisive step forward towards establishing the EIT. The EIT is set to become an important feature of Europe's innovation landscape.
It will facilitate and enhance partnerships and cooperation between the worlds of business, research and higher education across the European Union, thereby helping to continue to boost jobs and growth in Europe in the future."
Commenting on the successful completion of this legislative process, the President added: "All parties involved have clearly re-confirmed their determination to see the EIT through."
To boost Europe's innovation capacity, the EIT will operate on the basis of highly integrated partnerships known as "Knowledge and Innovation Communities".
These KICs will pool together a critical mass of the best resources from higher education institutions, research organisations, businesses and other stakeholders in the innovation process.
They will be selected and coordinated by an independent Governing Board, composed of 18 renowned personalities from business, research and academia.
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