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EU bank highlights spending deficit

The European Investment Bank has said that Europe needs to increase its investment in R&D by more than 50 per cent to meet its target of investing 3 per cent of GDP.

Europe invests €240bn a year in R&D at the moment, whereas €370bn a year would be needed to meet the EU target of investing 3 per cent of European GDP, according to an EIB report published on 20 January.

Through comparisons with other economies, the EIB calculates that €200bn of the annual target should come from industry, which is only investing €130bn at the moment, and that €170bn should be public investment, which now stands at €110bn.

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