ISSN 1022-6559 2 December 1996 The contents oi this bulletin are based on RTD-News, updated every day, and other CORDIS databases FIRST ACTION PLAN FOR INNOVATION IN EUROPE Innovation for growth and employment Following the wide-ranging public debate instigated by the Commission's Green Paper on Innovation, launched in December 1995, the Commission has presented its first "Action Plan for Innovation in Europe". Approved by the Commission at its meeting of 20 November 1996, the Action Plan for Innovation proposes three main lines of action for tackling Europe's "innovation deficit": promoting a genuine innovation culture; establishing a favourable legal, regulatory and financial environment for innovation; and gearing research more closely to innovation. In spite of its excellent scientific capabilities, Europe's level of innovation is lower than that of its main competitors. At a time when innovation is becoming a driving force in economic competitiveness, this has serious implications for employment and economic prosperity in Europe. The Commission's diagnosis of the reasons for this situation, set out in the Green Paper, has been largely confirmed by the ensuing public debate and dialogue with the Member States. Global approach There was broad agreement on the need for a global approach to the problem, involving technological aspects, training, the development of venture capital and the legal and administrative environment.