European Union Unveils Plan to Boost Innovation and Economic Growth

The European Union announced a new plan on September 9, 2026, aimed at fostering innovation and strengthening the bloc's long-term competitiveness, prosperity, and technological sovereignty. The initiative seeks to provide greater legal certainty, accelerate the market entry of new technologies, and facilitate joint Research and Development procurements by public buyers across EU countries. This "European innovation act" is expected to generate an additional €25.92 billion in annual profits for companies and save public buyers €1 billion per year.