EU to challenge MIT with new institute

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" 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."