23/01/2008 (Agence Europe) - On Monday 21 January, the Council unanimously adopted the European Parliament and Council's draft proposal setting up the European Institute for Innovation and Technology (EIIT). Most amendments adopted by the European Parliament were incorporated into the common position. The EIIT will need to be implemented in order to complete existing Community and national initiatives promoting the integration of the knowledge triangle (higher education, research and innovation). It will also need to base itself on the autonomous partnerships that bring together higher education establishments with research institutes and enterprise. The EIIT will have a budget of €308.7 million in its initial 2008-13 phase. 12 months after the regulation's entry into force a decision will be made on where the EIIT will be based. (L.B.S)