The Irish EU commissioner Máire Geoghegan-Quinn has launched Europe's biggest ever fund for scientific research as part of ongoing efforts to push Europe back into growth.

The €6.4bn fund will be available to researchers, industry and small and medium sized business and will concentrate on research into health, energy, climate change and food security.

This funding comes under what is known as the seventh framework programme, which governs the EU's annual system of awarding grants to scientific research.

Universities, industry and the SME sector are all eligible to apply for funding.

Health will get €600m, while information and communication technology will get €1.2bn.

The central emphasis is on trying to convert the expertise of Europe's laboratories into jobs.

While this programme will generate 165,000 direct jobs, Europe has traditionally been behind the US in attracting venture capital.

For the first time, the programme will spend €206m in trying to get new medicines through trials and onto the market more quickly.