In an apparent gesture to Blair, Chirac will propose the increased spending on research -- but without increasing the EU's common budget and without cuts in agricultural subsidies.
"France proposes mobilizing the European Investment Bank to double the capacity of research," Chirac said, outlining a plan that would have the EU's financing institution create a US$12 billion fund.
The fund would leverage public and private financing, which "would allow an additional 30 billion euros [US$36 billion] of investment in research projects" -- thereby doubling the current spending.
"Our objective is simple: to give Europe back its dynamism," Chirac said. "It has all the assets to be at front of the global economy. But, faced with international competition, there is urgency."
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