So, the funding slowed the research progress in Europe, finaly some serious heads with some brains intact yet are making better policies to recreate european science to be valued?. Will it get any better, time will answer. While the Europe and US governments are not science friendly, funding for science in Japan and Australia is much better and so their science too!. Other countries like China, Singapore and Taiwan seems to be focusing on better funding and improving the science, as far as science funding of US concerned, Japan's funding abilities and interests in science and technology is better than USA.
Here is a very insightful article on European Science funding aimed to bring back the scientists to european countries?
Europe's Brain Gain
United States, 2 March 2007
A glimpse at the numbers and one can understand why Europe's scientists migrate toward richer pastures. European countries spend far less than the United States and some Asian countries on research and development—widening the innovation gap. Two years ago, the EU's statistical office Eurostat showed that government and industry invested only 1.9 percent of gross domestic product (GDP) on research and development in 2004—significantly less than Japan at 3.18 percent and the United States at 2.66 percent.
The bad news, however, has instigated change. Late last year, legislators firmed their commitment to the Lisbon strategy of 2000, which set a goal to transform the EU into a competitive knowledge-based economy. The European Council approved the 7th Framework Programme (FP7)—the EU's chief instrument for funding science and technology research from 2007 through 2013.