What have you always wondered about the economy? Tell Us

Pulling the plug on Galileo

Stephen Beard May 10, 2007
HTML EMBED:
COPY

Pulling the plug on Galileo

Stephen Beard May 10, 2007
HTML EMBED:
COPY

TEXT OF STORY

BOB MOON: The European Commission is expected to pull the plug today on a multibillion dollar plan for a satellite navigation system. The Galileo project was supposed to challenge the dominance of the American Global Positioning System. From London, Stephen Beard reports.


STEPHEN BEARD: The European plan was to boldly go where, actually, somebody’s already been before.

Galileo was designed to rival America’s GPS. At a cost of $9.5 billion, the Europeans wanted to have their own system free from American control.

But the consortium of eight private companies who were supposed to put up half the money couldn’t agree on anything, so the commission says for time being it will shelve the plan.

Good riddance says Barry Fox of New Scientist Magazine.

BARRY FOX: The idea that Europe needs something simply because it’s European seems absolutely ridiculous. And that clearly is why the manufacturers who are supposed to be paying part of the cost have decided that they don’t want to pay part of the cost.

The commission insists that Galileo isn’t dead and might now be 100 percent funded by the taxpayer.

In London, this is Stephen Beard for Marketplace.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.