Which financial instrument implements the Innovation Union initiative?

Horizon 2020 is the financial instrument that implements the Innovation Union initiative. This initiative was launched by the European Union to enhance Europe's global competitiveness in research and innovation. Horizon 2020 is a key funding program that supports research and innovation activities across various sectors, aiming to ensure that Europe can generate new knowledge and translate it into innovative products and services. The focus of this program includes fostering collaboration among businesses, academics, and researchers to drive economic growth and societal progress.

This program operates on the principle of promoting scientific excellence, addressing societal challenges, and enhancing industrial leadership in Europe. By providing substantial funding, Horizon 2020 facilitates projects that align with the objectives of the Innovation Union, such as improving research infrastructure, boosting innovation performance, and encouraging entrepreneurship.

In contrast, other financial instruments mentioned serve different purposes. For example, EU Structural Funds focus on regional development and cohesion, while the European Fund for Regional Development (EFRE) is specifically aimed at improving economic cohesion in less developed regions. Interreg, on the other hand, is primarily about fostering cross-border cooperation among regions. While these funds support various initiatives, they do not directly implement the broader goals of the Innovation Union as Horizon 2020 does.