 Hello and welcome everybody here in the room and on the live stream to this press conference from the annual meeting of the World Economic Forum in Davos 2016 the question we are trying to answer with this press conference is can Europe become a magnet for talent and In order to answer that question. We're joined by an expert panel Who are actually spending every day of their life to answer that question and to make it happen Let me quickly introduce the panel to you To my immediate left. We're joined by Helene Ray. She's professor of economics at the London Business School and If you're watching on the live stream, you're doing the right thing because the economist said she's an economist to watch So right in the center of our plenary of our panel here is Carlos Moedas the commission Commission of a research science and innovation of the European Commission and last but not least we're joined by Jean-Pierre Bourguignon the president of the European Research Council Thank you for being here. Thank you Commissioner, let me jump right to you You're if I if I might put you in the spot. You're the man responsible for for Europe's attractiveness for talent What's your perspective? From Brussels, how are we doing? Are we are we doing the right things to attract to attract talent and to become a magnet? Thank you very much. Thank you very much for all being here, and I'm very happy first of all to be here with Professor Bourguignon and Professor Landray because I think they are really The right examples that what we're doing is the right thing and that we have to keep investing in science and innovation Technology to get the world better and to be more productive to create more companies and to create more jobs And so I think that it's very interesting that this year Davos is talking as a mainstream subject the force industrial revolution And that it's really means that the mainstream The heads of state the heads of government are interested of talking on these things that will change the world And for the first time you see this long-term view of where Europe should or should not be And so I think that the European Research Council is really our major and best asset to Get talent to Europe and to actually put Europe really at the forefront of the force industrial revolution So as part of the big horizon 2020 our program for research science and innovation The ERC funds work of some of the most brilliant minds In frontier research people really that have discovered Things that will change the future of our lives and the welfare of our planet Discoveries that will definitely fuel this force industrial revolution without a mechanism like the ERC I can't see how Europe could be at the forefront So when I look at these my first year of the tenure of being a commissioner for research science and innovation The examples that come to my mind of people that I've met that are ERC grantees some of them that are improving the indoor solar cells or Investigating biological forces behind cell division and it's really by Providing secured finding in the form really of grants that the ERC Freezes researchers from many concerns about the immediate impact of their work and is the point that I wanted to to be very clear I think the strength of Europe here is to give freedom to researchers to tell the Scientists to tell the people that they are the ones who know they are the ones who have to tell us what they want to do and not The other way around and these bottom-up approach has been the key of the European Research Council And that's good news for Europe because to advance really as a competitive global partner We need the world's best to make Europe's their laboratory So our objective is to attract talent is really what do we need to make? Actually to put Europe as the destination of choice for the world's most groundbreaking Scientists researchers and innovators and so that's why I'm so glad to have to my right professor Ray Today because she's she's gonna tell a little bit about her journey and why she chose to come back to Europe and I've seen a lot of stories like Helen here that a lot of researchers scientists that come to me and say You know, I mean Europe because the European Research Council exists. And so I really wanted to Basically have her story About why is she not Europe because she had offers from all over the world. So over the past year really I've been Very privileged person to meet great researchers in Europe with great ideas And I've also had the opportunity to take part in the ERC's effort to make European research more open to International talent as you know one of my major priorities is to be open to the world and the ERC's Making it possible for more young International researchers to join research teams in Europe. I just we jump here We went to Mexico where we signed with the Mexican government to be able to have more Mexican researchers here in Europe So that's the priority. How can we be open to the world without openness? We cannot get the best research. I've made open to the world really one of these three pillars of My mandate because I really want the European research area to inspire the creation of what I call a global Research area, you know in Europe. We've been for 15 years building these amazing European research area and now we have to look to east and west and see how we can actually With these example of getting together all countries in Europe to expand to the other side of the world And so working at global ever really requires a huge amount of openness and that's openness that we are talking here today This is why really I've proposed the creation of a European innovation Council that inspired me Really the work of the European Research Council because we need more innovators But even here the European Research Council is ahead of the curve because one of the things that we are here today And I'm happy to share with you today is that Jean-Pierre Bouguinot and Professor Bouguinot will announce today almost 140 winners of our grants that are called the proof of concept So how people are actually moving from fundamental research Creating products and innovation and so that's a way for us to fund that really translation of fundamental Creation to products in the market and so I hope that these 100 almost 140 Winners will be able to actually to make it and we'll be able to show that Europe is not just a beacon of knowledge But is also a beacon of transforming knowledge into innovation and now I hand over to President Bouguinot. Thank you, Jean-Pierre Thank you very much Commissioner Moedus. Yes I'm of course very honored to be the president of the European Research Council It was a it's a program which was founded by the European Commission in 2007. So it's still a young program But we have already Distributed I mean the European Research Council distributed About 6,000 contracts So we should enable the researchers to develop their research at their complete initiative And that's a very important point and the ERC is really pressing the researchers to be as ambitious as possible So we want really this to these Support that is given by ERC to be really as flexible as possible But completely at the initiative of researchers the other point I want to make which again concerning being a magnet Of course, it's very important particular that young people feel comfortable about that And so it was a decision of the scientific council Which is responsible for how one spends the money, which is a substantial amount of money this year 1.6 billion euro, which is put at this pole disposal of ERC And it was decision of scientific council that two-thirds of this money should go to younger people So I think it's a very important Decision because I think it shows that we are betting on the future and the younger generation The point that Commissioner Moedus made which is this announcement of today Indeed it was another initiative the scientific council to create Four people who have already an ERC grant a smaller grant which is called proof of concept in case Researchers have seen along the way in doing the research an opportunity to really go to more Industrial things which are more connected to industry or societal challenges And we want to help them to make the first steps in this direction Of course, they often this that's the first step You need me to do many more steps and actually we're also discussing with other people More business angels to help to make sure that the path goes all the way So indeed we the good news is that the number of scientists who spontaneously at their initiative Proposed to have submitted the proposal for a proof of concept was something like about 300 of them And that's a very starts to be a significant number because every year we give 1,000 contracts It means already quite a good number and it is Checked by very professional people Who are people professional of development and then that's the way we get the hundred thirty five List of names that we are announced today. There will be a supplementary list short So we are talking about the hundred forty hundred sixty people all together The last point I want to make also in connection with the the role of the European Research Council Which is very very important, of course Is that it's just been recognized by the scientific community as a reference program and from that point of view It's of course something very very important because for us one key element is who are the people selecting the laureates for for the ERC and it's only because it will have been successful in Convincing the very best researchers to participate in the selection that actually we can really be in this position That ERC has been recognized as as really a stamp of quality and it's true that for ERC The only thing which matters is scientific quality of the project. There is no politics behind. It's just strict scientific quality So this is where we stand concerning the openness to to the world one thing Maybe I should stress again because here we are in the world economic forum So we're talking about the world is the fact that the people who Can apply to ERC can come from anywhere in the world and they don't even have to leave their position They can the only obligation they have to spend at least 50 percent of that time in In relation very direct relation with the European institution So in a sense we are not we are trying to attract people from everywhere in the world and actually this is happening and we're also extending this by Commissioner muridas mentioned this agreement with Mexico But now you are see as a number of agreements with a number of countries to also make it possible for Scientists from these countries to spend time in ERC teams. So also that's another way We think will be to create the possibility for the magnet to function. Thank you. Thank you very much. Oh, yeah Helen over to you. You are an ERC grantee So you you know the program well, and I'd actually like to ask you two questions the first one If you could share some experiences From from from your person's perspective there in the second one as an economist What do you think? What's the what's the business case? If you will for for doing this So what's the the economic case and the potential for for supporting research in Europe like that? Thank you very much. So the first thing I would like to say is that citizens these days do not hear very many positive stories about Europe Not so often we have these messages in the media and this is a case where really this is a positive story So it's it's really good to to be here and to discuss the ERC because I think it's one of the very big assets that the European Union has So I am a personal beneficiary of the European with us console When I teach my students I always tell them that when we are in advanced economies the way to grow is through innovation it's through education and all this relies on research in particular fundamental research But but not only also applied research And this is really the way to to actually to to push the frontier of growth for advanced economies We cannot rely on you know mimicking other countries or Investing a lot as as we could do in early stages of the growth process So it's very very important to have a lot of research being being done since it's a public good At least some of the financing has to be has to be public money and there are very many positive externalities to that So very many positive spillovers to society and and simply to the economy of Europe now personally So the ERC has been quite important in my career because I was based in the United States I was actually a professor at Princeton University and I was considering You know moving back to Europe or I had also some offers in in California in Berkeley and Stanford and also in New York in Colombia and When I was considering moving back to Europe I think the existence of ERC was the kind of tipping point that made me really take Europe Seriously and and this is in in the end what I what I did I moved back to Europe So why is that because when you are I guess a researcher? You really want an open environment in which very high standards are set So that requires as was mentioned by the commissioner and by Jean Pierre, you know not about no politics no favoritism It's about competing. It's about transparency of the evaluation process It's about having access to resources and it's about flexibility. So freedom of doing really what you think Is interesting and exciting and this is how people, you know, I think tend to be to be the most innovative so in order to to to get all these things going you need an institution with which functions well and and ERC is is achieving. I think a lot of those goals Now so when I was in the US, I was focusing My work was a lot about the international monetary system and the role of the United States at the middle of it Things like exorbitant privilege of the US because of the dollar and all that and moving back to Europe So I've pursued these these type of of research focusing on the global financial cycle and international monetary policy Spillovers so how the US monetary policy transmits itself cross borders to both advanced economies and emerging markets And this is a topic which seems to be particularly relevant these days as as we are discussing Particular here in Davos, but in in many other contexts as well So I'm very very happy to contribute to the debate and so much so that I'm I'm applying for another ERC grant Thank you very much, Elaine It speaks to the power of the ERC grant that you choose the London rain over California Sun We're we're quite advanced already in in the time of this press conference, so let's not hesitate and open the floor for questions We have a microphone if I can see a show of hands If there are any questions on the floor Yes, there's a lady in the back there if you could state your name and organization for the sake of our online audience, please Thank you Who's Titled a magnet for talent in Europe and these initiatives are good for a few people But how can they create opportunities and jobs for all considering Europe's unemployment problem? Particularly youth unemployment in some countries Thank you. Who wants to take care? I? You know, I think that We the only way we can go forward in Europe as a model is To bet an innovation in science and let me tell you why because we could go through actually a model of having cheap salaries Or going into a model that actually creates value and goes Europe goes up the ladder of quality and Europe goes up and can create companies that can create jobs for people and so The European Research Council for me is a little bit like the seeds the creation of the seeds for that innovation One day we don't never know why when you do fundamental research You don't know if one day or not But if you have those seeds you have the ingredients to actually create that growth and so I think that for Europe betting on excellence betting on the best of the best is Essential for the model that we want to create which is a model of creation of wealth And is a model of actually getting up the leather of quality and so that's that's a very very good question And it's really why you see that a program like this has to be European because you need scale To actually create the best science. There's a small story that I normally Tell of a man that actually is a fantastic European astronaut Luca Parmitano and he normally describes that on what you like about Europe Why do you think it's important that it's European science and he said to me? Do you know what's a tetrahedron? It's basically a pyramid for a simple language You know sciences like that if you want to go with the vertex up if you go on up the quality of science You need to increase the base So if we doubt that without that scale of 500 million you cannot get better And I think that's that's really what the message is today is that you need European scale to do these very good research Thank You Commissioner Jumping you want to add to that? Yeah, maybe I can add a comment to that Which is of course the grant is given to to actually researchers who make proposal But of course this money is basically for them to create a team and actually if you look at the number of people who are Actually supported by your see through the through this Mechanism is actually more less six times more than the figures I gave so it's you already reached a number of like 36 for 40,000 people who are actually supported have been or are supported by you see the second point I want to make very briefly is the fact that we are we just finished a study Expo study of some of the projects which are finished So you know the projects are five years long so that the researcher can really develop the research in the proper way And then some of them are finished so we checked them and we had a completely external group to do that And and therefore it was very important for us to check whether the ambition we had that we would help produce breakthroughs had happened And the data are really quite fantastic. Actually, it was very very good news. We will be give more details very soon, but More something like 20% of the projects have been considered breakthroughs with the very explicit explicit description why it was considered breakthroughs 50% of the considering considered extraordinary Research and 20% were considered okay research and 4% failures. So I think this result is For us was very comforting because it gave the really a very precise description of How you are see has been really pushing people to the boundaries because 20% breakthroughs is actually much more than what we expected We expect the 7 or 8 so I think we are very serious about doing this evaluation on the regular basis That was first time it could be done because we had enough project finished. So I think You are talking about the tip, but I think the tip is really pushing everybody up Thank you very much. Do we have any other questions? Yes, the gentleman over there Hi, Alex Pikman from Agence France press. It's a bit Bit of a broad question, but just linking, you know trying to attract talent to Europe It's the same time we have this refugee crisis, which is also about you know is you know Europe is attracting other Types of people but within that within those refugees within those people coming to Europe. There could be the talents of tomorrow, you know the Steve Jobs Examples used all the time. I'm just wondering how How you see those two things linking and maybe You know to you I may ask a question to you first maybe a professor array, but But also to you commissioner is you know in in in the college at the barrel of Mont in Brussels, how do those two ideas how do I when you talk to your colleagues? How do those two two ideas those two worlds meet? so absolutely, so it's It's a very I think important point in time for for Europe I strongly believe that there has to be a European response to the refugee flows and In a way we you know the numbers are such that we we really need to to have a very well coordinated answer to what is going on it is an opportunity indeed and So what it means is that I think you need several things to happen you need to to invest in the integration of of these refugees and That's an upfront investment you get the return of that investment down the road But it's a very very important investment to make Because as you as you say some of these people Undoubtedly are very talented, but even you know if it's not the case Low-skill market capital not low-skill market integration Low-skill integration in the labor market. Sorry is a very important challenge Because this is this is the way in the end that the refugee will be part of society labor market institutions have a very important role to play there and So we have to to act in a coordinated way to that to happen and that involves resources and I believe you know resources have to be European resources in order for this process to happen as Smooth way as possible So we have a challenge in front of us But there are ways of making it work and it's it's about investing in human capital No, I'm not just to corroborate what professor race just said That I mean we've been going so very very very difficult times And so each one of us in the college try to actually to help in the way we can and so We've just launched a couple of months ago a very interesting project that we call science for refugees And so what we did was basically through one of our website the website that people look at jobs in Europe for research To actually put a kind of a market making where we opened the channel in between refugees that have Really degrees university degrees that are were in research centers or universities to get in contact with European universities And let me tell you that I'm really proud of what's been happening because the European universities Respond immediately and immediately we got more than 100 universities that has I've actually ticked On on that website that are there to help and to get them in contact And so that's a little bit of how the community is helping the scientific community is helping And so we are actually putting people in touch in a very difficult time and of course Really when you look at the people you look at people that were some of them working in universities and research centers In those countries and so it's our duty to do our share But as professor Ray was saying I think the most striking thing is that these is a European problem that needs European solutions and needs for all the countries to participate The member states have to act and we have to actually be able to be united as Europe and give an European answer But that is also Sometimes really you look at the member states and they have to act They have to be they are the ones that are on the ground and so it's really one Really major piece of how Europe should work is that we should be together and we should look it at as a European problem with an European solution Thank you very much mindful of the time We're closing the press conference here. Thank you very much. I'm sure there's time for questions. Maybe afterwards Bilaterally, thank you very much for watching. Thank you very much for being here and a special. Thank you to our panelists for the fascinating insights I think we can be optimistic about the question we post in the beginning. Can Europe become a magnet for talent? Thank you Thank you