Brussels, 19/02/2008 (Agence Europe) - On Monday 18 February, the industry committee approved the Council's common position on the setting up of a European Institute of Innovation and Technology (EIT). The Council obtained a political agreement on 23 November, following an informal compromise between the Council and Parliament, under the Portuguese presidency. The rapporteur, Reino Paasilinna (PES, Finland) said that he was pleased with the compromise, which includes the essential points raised by Parliament during the first reading (EUROPE 9510). He indicated that, “the compromise stresses the role of innovation. Innovation is where we really have to catch up: too often, our brilliant students and researchers do not reap the rewards of their work simply because there is no one to help them turn research results into commercial products." As for the different phases already begun, the Council decided at the end of November that the EU would contribute to the funding of the EIT to the tune of €308.7 million as the European Commission had proposed, with the assent of the Parliament. To complete its estimated budget of €2.4bn for its first six years, the EIT will need to obtain funding from partnerships between industry, the state and research centres. At the beginning of February, the Commission set up an identification committee consisting of four members in charge of appointing eighteen experts, including the governing board. Appointment procedures are expected to last four months. In June, the European Council will make a decision on where the governing board should be based. During the first reading, some MEPs proposed Wroclaw in Poland, the Hungarian capital or Munich in Germany as possible cities for locating the governing board. The Austrian capital, Vienna, may also submit its candidacy. Parliament is expected to adopt it common position in a second reading next March. The EIT is expected to begin its work this summer. (I.L.)