AbstractThe European Economic Community (EEC) represents a sizeable market in comparison with its main competitors — USSR, USA and Japan. Recent growth rates in Europe, though, have been disappointing. There is no shortage of European inventions, but it is crucial that these be translated into economic growth. Co-operation between EEC countries in science and technology is encouraging, but there are still many barriers which need to be broken. European countries are determined to tackle jointly the challenge of modern technology. Europe launched the first industrial revolution, contributed to the second. and can ill afford to miss the third.