Innovation plays an increasing role in our economy. It provides benefits for citizens as both consumers and workers. It is essential to creating better jobs, building a greener society and improving our quality of life, but also to maintaining EU competitiveness in the global market. Innovation policy is the interface between research and technological development policy and industrial policy and aims to create a conducive framework for bringing ideas to market. The legal basis for EU policy on research and technological development (RTD) is provided by Articles 179 to 190 of the TFEU. The main instrument of the Union’s RTD policy is the multiannual Framework Programme, which sets objectives, priorities and the financial package of support for a period of several years. The RTD Framework Programmes are adopted by the European Parliament and the Council, acting in accordance with the ordinary legislative procedures and after consulting the European Economic and Social Committee. The importance of innovation policy is widely recognised. It is also strongly linked to other EU policies, such as those on employment, competitiveness, environment, industry and energy. The role of innovation is to turn research results into new and better services and products in order to remain competitive in the global marketplace and improve the quality of life of Europe’s citizens.