31st November 2011: EU Commissioner Maire Geoghegan-Quinn announced Horizon 2020, the €80 billion progamme for investment in research and innovation which will succeed FP7 over the period 2014-2020. For further details see Horizon 2020.
Horizon 2020 is the financial instrument implementing the Innovation Union, a Europe 2020 flagship initiative aimed at securing Europe's global comeptitiveness. Running from 2014 to 2020 with an €80 billion budget, the EU's new programme for research and innovation is part of the drive to create new growth and jobs in Europe.