Last week the European Commission adopted a position containing proposals to “contribute to the debate on the necessary modernization of the Universities of the European Union”. The Commission has identified 9 sectors in need of reform to “create a real economy of knowledge”. They are: increasing the proportion of graduates who spend at least one semester abroad; enabling students to benefit from national student loans and scholarships; bringing the procedures for the recognition of academic qualifications into line with those applicable to professional qualifications; introducing training in the field of intellectual property; reforming courses so as to permit greater participation in the later phases of the life cycle; reforming national systems of taxation and aid to students; revising systems for the funding of universities; conferring greater autonomy and responsibility on universities; and conferring on the individual institutions greater autonomy in the choice of teaching and research personnel. Apart from political proposals, the Commission will support these reforms in the period 2007-2013 through funding to the benefit of programmes of professional instruction and training, research and development, and regional development.