Compromises between the two sides which led to the agreement include:
* about €2.8bn (4% of the total budget) reserved for the new SME instrument
* €0.7bn (1%) reserved for measures to increase EU12 (newer Member States) participation in H2020
* Overheads limited to 25% of direct costs (no option for real overheads)
* Time to grant reduced to eight months (12 on average in FP7, but in 2012 close to nine months)
* A pilot run of a “fast track to innovation” funding scheme (details to be worked out).
And, of course, greater acceptance of participants’ own accounting rules, but nobody believes that will ever happen!
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