The Commission has adopted a proposal to establish a European Institute of Technology (EIT). The proposed organisation of the EIT is in the form of a small central governance structure and a network of Knowledge and Innovation Communities, which will carry out the tasks of the EIT. Subject to approval by the European Parliament and the Council, the EIT could begin operations in 2008, with an estimated budget of up to 2.4 billion for the period 2008-2013, to be financed by public and private sources.
The Institute will be a flagship for excellence in innovation, research and higher education in Europe. It will be a reference model in the way it combines the worlds of academia, research and business so as to enable Europe to face the challenges of a globalising, knowledge-based world economy more effectively.