According to the Financial Times, there should be a European Institute of Technology based on the MIT model:

European commentators frequently mention MIT as the best model of an institution that carries out world-class research and teaching in science and technology, while maintaining strong links with industry and spinning out lots of innovative small companies.

The latest - and most powerful - endorsement came last month from José Manuel Barroso, the European Commission president, who called for the creation of a European Institute of Technology modelled on MIT, as part of the EU's new jobs and growth strategy.

Well... it's always the same story... trying to copy the big neighbor (Route 128 + Silicon Valley)...

Much more interesting is the proposal from the European Commission (via)

to double European research funding in the next financial perspective (2007-2013) and highlights that this significant boost at European level needs to be accompanied by increased research spending at national level. In addition, more emphasis should be put on radical innovation and risk-taking. More industry participation, especially SMEs, and streamlined and simplified administration are also strongly encouraged.