March 23, 2008
The CAP and structural funds for developing regions still take up the lion’s share of the EU budget. While both of these are necessary to an extent, neither is going to help the EU face off the most serious threats to its long-term prosperity – competition from China and India.
If Europe is to remain an economic superpower, it needs to concentrate on what it does best. The Asian giants are undermining certain sectors of European industry but they are not so hot on research, innovation and cutting-edge technology.
So let’s start spending the EU budget on R&D and education, not what the Americans think of as pork-barrel projects. In turn, the injections of capital, business confidence and extra jobs created will be of benefit to the developing regions currently drawing on the structural funds – so that money will be saved anyway.Author : EMI