According to Reuters’ report on May 28th, 2018, France and Germany are pushing for an EU-wide initiative to fund innovation and research in hi-tech start-up projects across the continent so that Europe can compete more effectively against the likes of China and the United States. 

Berlin and Paris called for the European Innovation Council to fund potential hi-tech start-ups in a report presented to European Union leaders at the Balkan Summit. The paper also stated, “Joint efforts are needed to further improve venture capital environment and regulations to ensure rapid and successful market entry by disruptive innovations, and to stimulate the growth of those European technology intensive companies with innovative impacts.” France has already promised to spend 1.5 billion euros on artificial intelligence by 2022 to preempt a brain drain and upgrade itself to be a hi-tech giant nation next to U.S. and China. France and Germany hope that their project can benefit hi-tech leaders in academia and entrepreneurs and provide financial support for high-risk high-potential hi-tech projects.