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The European Union is to unveil plans Wednesday for the creation of a rival to the Massachusetts Institute of Technology, reflecting fears that academic standards are slipping further behind the United States and risk being overtaken by China and India.

The proposal for a “European Institute of Technology” (website | press release | FAQ) will be announced by European Commission President Jose Manuel Barroso and his Education Commissioner Jan Figel.

Barroso has said the EIT will “act as a pole of attraction for the very best minds, ideas and companies from around the world.”

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