The EU is falling behind the US and China on innovation mainly because its single market does not work and member states act separately, EU commissioner Ekaterina Zaharieva told Bulgaria's parliament today.
The second reason, she said, is that Europe's private sector invests too little in innovation and needs to spend more.
Zaharieva is the EU commissioner for startups, research and innovation. She is on a two-day visit to Bulgaria. Today she took part in a special joint meeting of the parliamentary committees on innovation and digital transformation, and on European affairs and oversight of EU funds. She made her remarks on the single market in reply to a question from Democratic Bulgaria.
She cited figures showing that the barriers EU countries put up against each other work out at a 55% tariff on goods and a 114% tariff on services.
Zaharieva said the EU has all it needs to do better: talent, 450 million people, good schools, and enough researchers and scientists.
"But we are not a true single market, and that is partly why there is not enough venture capital," the commissioner said.
Zaharieva also took part in a parliamentary debate on the European Commission's priorities for innovation and science, and on the options for Bulgaria in the EU's next long-term budget, known as the Multiannual Financial Framework.