$3.6 billion IT Research program approved in Europe

has been subject to cuts in the early part of this decade. The program was originally budgeted at 20,000 person years and spending of 2.4 billion euros ($2.9 billion) but in the aftermath of the economic downturn in 2001 through 2003 the projects were hit by budget cuts by many participating nations (see Oct. 7, 2003, story). At the time a number of ITEA executives expressed concern that the program was falling below a critical mass to allow Europe to compete with companies such as Microsoft.

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