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€7bn EU research fund

EUROPEAN Commissioner Maire Geoghegan-Quinn has unveiled details of a new €7bn EU fund for research and innovation. Ms Geoghegan-Quinn said that the move will help create jobs and economic growth across the EU.

The EU's Seventh Framework Programme for Research, announced yesterday, is the commission's biggest funding package. It expects the fund will create around 174,000 jobs in Europe in the short-term, rising to nearly 450,000 jobs over the next 15 years.