Where will Europe's elite university get its money from?

The European Institute of Technology (EIT), which is supposed to be Europe's answer to elite American universities such as Harvard and the MIT in Boston, is to start running in 2008. Michael Moravec says the whole project is symptomatic of the problems with the EU's research and development policy. "The European Institute of Technology (EIT) will effectively be a small coordinating centre with a staff of 60, and it still isn't even clear where the 300 million euros or so needed for its foundation and the initial phase are to come from. By comparison, Harvard alone has a budget of around three billion euros - per year - and 25,000 employees. There's still no sign of the billions trade and industry are supposed to be providing for the EIT project. The companies have refused to spend money on a concept that lacks substance."

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