Geoghegan-Quinn: 3% target for R&D should stay

Raising R&D budgets is the route to recovery and the EU target of the 3% of GDP target must be maintained, said Commission Máire Geoghegan-Quinn, speaking in Brussels today.

Setting out her stall as the new Commissioner for Research, Innovation and Science in the first major speech since her Parliamentary hearings, the Commissioner left listeners in no doubt of her views on maintaining targets.

Ms Geoghegan-Quinn said: "One issue that I know arouses a lot of interest is the 3% R&D target. I know that this is controversial. But I believe that it should stay.

"Research Ministers have told me in clear terms that its existence has strengthened their hand in their dealings with their Finance Ministers.

"Now is exactly the wrong moment to remove this discipline. With budgets under pressure, governments may view research and development as an easy area for cutbacks. But we know, from the experiences of countries like Finland, that raising R&D budgets is the route to recovery. "

Commissioner Geoghegan-Quinn also underlined the need for progress on the long-awaited European patent and highlighted the new "European Innovation Partnerships" which are planned as part of the Europe 2020 strategy announced by the Commission earlier this week.