(BUDAPEST) - The governing board of a new institute, aimed to bridge the innovation gap between the European Union and such major rivals as the US and Japan, held its inaugural meeting in Budapest Monday.

"Turning innovative ideas into reality is one of the main reasons for setting up the European Institute of Innovation and Technology, but attracting and retaining students and researchers are also crucial tasks," said European Commission President Jose Manuel Barroso, who attended the first board meeting of the European Institute of Innovation and Technology (EIT).

Budapest was chosen in June as the seat of the EIT, which is to be set up in the spring of 2009.

Research work will be carried out in various locations around Europe.

The institute's first programmes will concern climate change, renewable energy resources and information and communication technologies.

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