European Union Lags Well Behind the U.S. in Innovation There are many different explanations for the euro crisis: poor fiscal management, loose banking regulation, etc�But one major contributor to Europe problems that continues to hold back economies today is a lack of innovation, reported Simon Nixon of The Wall Street Journal.The European Commission own �Innovation Scorecard� shows that on almost every measure of innovation, the European Union lags well behind the U.S. and on some measures now lags parts of Asia, while differences between EU countries are widening.Worryingly, in some countries, progress on improving innovation has gone into reverse as financial pressures have eaten into budgets. Boosting innovation is essential if Europe is to raise its long-term sustainable growth rates�Nixon continues to report that innovation has been held back by the EU reluctance to adopt a science-based approach to regulation.Simon Nixon nails it on the head with his conclusion: Successful innovation depends on collaboration and openness to outsiders and new ideas. If Europe is to truly escape its crisis-ridden past, it needs to abandon its instinctive protectionism.