Towards an Innovation Principle Endorsed by Better Regulation

Innovation is an essential element of the internal market. Defined by the objective of a “highly competitive social market economy, aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment” (Article 3 (3) TEU), innovation is a precondition of “sustainable and job-creating growth”.1 It leads to higher productivity and competitiveness2 while yielding social and environmental benefits.