Science, research and innovation, essential elements in the economic evolution of the European Union

¹ Bucharest University of Economic Studies, Department of Statistics and Econometrics, 15-17 Calea Dorobanti, Bucharest, Romania
² Artifex University of Bucharest, Department of Finance and Accounting, 47 Economu Cezarescu Street, Bucharest, Romania

^* Corresponding author: stefaniacob79@yahoo.com

Abstract

The European Union has development programs to ensure the economic growth of the European Union. Member States are going through a deep health and economic and financial crisis with greater effects than in 1929-1933. The elements underpinning Community programs must be based on research and innovation. Increased funding for education, research and innovation is needed. The aim of the research is to highlight the need for sustained efforts to overcome the current situation affecting the world economy and the economy of each country individually. In the study we used statistical-econometric methods, which by analysing and interpreting the data we have to highlight the need for immediate action of concrete measures. In this direction, the data available to us show that the European economy cannot adjust without focusing on innovation, which must accompany high-quality education, coupled with in-depth research. From this perspective it follows that attention must be paid to putting innovation at the heart of high quality education and research. Only on the basis of this fulfilled goal can we think that the European Union will be able to find its bed and move immediately to economic recovery, which will ensure a sustainable economic and social development.