9.4.2008 Official Journal of the European Union L97/1 (Acts adopted under the EC Treaty/Euratom Treaty whose publication is obligatory) REGULATIONS REGULATION (EC) No 294/2008 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 March 2008 establishing the European Institute of Innovation and Technology THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EURO- PEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Article 157(3) thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Economic and Social Committee (1), Having regard to the opinion of the Committee of the Regions (?), Acting in accordance with the procedure laid down in Article 251 of the Treaty (3), Whereas: (1) The Lisbon Growth and Jobs Agenda underscores the need to develop conditions which are attractive to investment in knowledge and innovation in Europe in order to boost competitiveness, growth and jobs in the European Union. () Member States are primarily responsible for sustaining a strong European industrial, competitive and innovative base. However, the nature and scale of the innovation chal- lenge in the European Union also require action to be taken at Community level. (3)  The Community should provide support to foster innova- tion, in particular through the Seventh Framework Pro- gramme for Research, Technological Development and (1) O] C 161, 13.7.2007, p. 28. () O] C 146, 30.6.2007, p. 27. (*) Opinion of the European Parliament of 26 September 2007 (not yet published in the Official Journal), Council Common Position of 21 January 2008 (O] C 52 E, 26.2.2008, p. 7) and position of the European Parliament of 11 March 2008 (not yet published in the Offi- cial Journal). Demonstration Activities, the Competitiveness and Inno- vation Framework Programme, the Lifelong Learning Pro- gramme and the Structural Funds. A new initiative at Community level, the European Insti- tute of Innovation and Technology (hereinafter referred to as the EIT) should be established to complement existing Community and national policies and initiatives by foster- ing the integration of the knowledge triangle — higher education, research and innovation — across the European Union. The European Council of 15 and 16 June 2006 invited the Commission to prepare a formal proposal for the estab- lishment of the EIT to be presented in autumn 2006. The EIT should primarily have the objective of contribut- ing to the development of the Community’s and the Mem- ber States’ innovation capacity, by involving higher education, research and innovation activities at the highest standards. In so doing, the EIT should facilitate and enhance networking and cooperation and create synergies between innovation communities in Europe. The activities of the EIT should address strategic long-term challenges for innovation in Europe, particularly in trans- andfor inter-disciplinary areas including those already identified at European level. In so doing, the EIT should promote periodic dialogue with civil society. The EIT should give priority to the transfer of its higher education, research and innovation activities to the busi- ness context and their commercial application, as well as to supporting the creation of start-ups, spin-offs and small and medium-sized enterprises (SMEs).