A Socio-Economic Perspective on EU Integration
- Science, Innovation, Technology and Entrepreneurship series
Edited by Elias G. Carayannis and George M. Korres
Chapter 3: Building the innovation union: lessons from the 2008 financial crisis
The focus of the Innovation Union initiative of the European Union (EU) is on product and process innovation for tangible goods. We argue that it is essential to extend the scope of the initiative to include innovation for financial sector products, processes and regulatory approaches. We make this argument using examples of financial sector innovations in the USA following the Great Depression and on the basis of an examination of the 2008 financial crisis.
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