What is the Innovation Union?

The Innovation Union is specifically recognized as a flagship initiative under the Europe 2020 strategy, aimed at fostering innovation across the European Union. This initiative emphasizes the vital role of innovation in driving economic growth and addressing societal challenges. It seeks to create an environment conducive to innovation by enhancing strategic priorities, improving collaboration between businesses, research institutions, and universities, and ensuring that innovative solutions are deployed effectively across member states.

By focusing on innovation, the Innovation Union aims to enhance Europe’s competitiveness and ensure sustainable growth. It recognizes that innovation is not solely about new technologies; it's also about improving the way existing resources and knowledge are utilized to generate economic and social benefits. This initiative proposes measures to strengthen Europe's innovation capacity while addressing issues such as the need for better access to finance for startups and supporting research and development.

The other choices referenced do not accurately capture the essence of the Innovation Union, as they pertain to different areas of policy and regulation within the EU structure.