Quo Vadis EU?

According to a group of EU thinkers, there is a great need for forward thinking in the types of investments that should be implemented just so that the EU can better compete with the rest of the world. Consisting of policy makers and think-tankers, they have advised that the European Investment Fund (EIF) be expanded to also fund corporate ventures and innovation projects. Much of the funds have been used for building infrastructures and the likes. They would like the politicians to use the European Innovation Act, which will be launched in mid 2010 to better steer the direction of the EU in the face of massive debilitating unemployment among the member nations. Not withstanding the emergence of a third force ( BRIC) knocking at their doorsteps, the EU must seize the opportunity to come together and start leading again like what their forefathers have done during the industrial revolution. Much of their opinion was culled from an online discussion held recently.

Just what are they concerned with? First of all, they are concerned with the limited number of projects that do have a pan European cooperation. Things seem to move very slowly, perhaps due to the differing languages and the lack of impetus from the EU Commission themselves. There is real bureaucracy within the group. So the thinkers are suggesting that less political interference from Brussels and EU governments should be the order of the day. And of course the private sector should be roped in for any kind of investment financed by the EIF. One of the sectors that should be looked into is the intellectual property sector. They have suggested a real relook at the inefficiencies that bestride this sector, pointing to the large number of unused patents that are lying around in research labs and universities. The ideas are there, but there is no lead from those holding the funds, and this cannot go on if the EU is to be group to be respected by others.

Are there areas that the EU can pioneer and lead? Certainly, and they don’t have to look too far away. Remember there was a time when the combustion engine was the new toy. Well, the automobile is still the thing to get around places, and not forgetting to show off as well! In the face of global warming and the melting of the North West Passage, what can be better than to reinvent the car and make it greener? Europe, and in particular Germany, has got very little to show as far as designing a greener car is concerned. The Japanese are leading with their hybrid engines, followed by the Koreans. Can EU be depended on with reinventing the ubiquitous car? It is going to be a difficult task, looking at the disarray thrown up by the sale of Opel. And pressure is running high with the Copenhagen round in December 2009 where the leaders from around the world are scheduled to knock out an agreement to tackle global warming. There are noises from the emerging markets to get access to green technology for a song if they are to sign any sort of agreements to bind them to cut gas emissions but the question is whether a disarrayed Europe can have anything to concede? Perhaps only when they start to lead again, perhaps years after the Copenhagen summit!