After months of lobbying, the Hungarian capital was chosen as headquarters for the European Institute of Technology and Innovation.

It may be a cheap imitation of the original vision, but Europe’s answer to MIT goes ahead. Now wait for the wrangling on where to site it.

Research Commissioner Janez Potocnik called for Europe to adopt a global culture of entrepreneurship in the face of the challenge from China and India.

Although financial support from the European Union for the European Institute of Innovation and Technology is assured, a big question mark still hangs over funding from industry.

The European Parliament gave its formal blessing to the launch of a new pan-European technology institute next year – but insisted that it include “innovation” in the title.

There’s just one problem with the idea of a European Institute of Technology – some of the businesses and universities it’s supposed to benefit don’t want it.