The Innovation Union in Europe
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The Innovation Union in Europe

A Socio-Economic Perspective on EU Integration

Edited by Elias G. Carayannis and George M. Korres

One of the most important economic events in recent decades has been the ongoing process of European integration. This book provides a basic yet rigorous understanding of the current issues and problems of economic integration and innovation in Europe, and argues that national or regional economic development depends mainly on technical change, social and human capital, and knowledge creation and diffusion. This is clearly evident in the role of the quadruple innovation helix of government, university, industry and civil society.
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Chapter 3: Building the innovation union: lessons from the 2008 financial crisis

A Socio-Economic Perspective on EU Integration

Alice O. Nakamura, Leonard I. Nakamura and Masao Nakamura


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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