Abstract:

The time of economic turmoil has led Europe and the world to rethink their mindset and attitude towards education. The financial crisis has intensified the interest in investment in education, probably due to the fact that it is the most serious investment that later pays back people's capital. Not only because it encourages the creation and implementation of well-established and of emerging scientific knowledge, but also because it contributes to the solution of specific, socially significant problems. Higher education plays an essential role in social development as it fosters innovations, promotes economic growth and improves citizens’ tangible and living well-being.
Globally, education today is undergoing dynamic changes in form and size, which necessitates rethinking of syllabi and leads to reconstruction of contemporary university environment. All sectors worldwide, including education, have been affected by the impacts of COVID-19 pandemic. As we approach the “new normal”, there is a need to rethink education assessment in the light of emerging opportunities and challenges.
Taking into consideration the human factor as a strategic tool for ensuring social progress, as well as the economic dynamism of Europe, the knowledge-based, intellectual labor and innovation-based sectors are becoming increasingly sought-after and valued indicators that guarantee Europe's prosperity.
By building a knowledge society, the EU aims to achieve high results in the educational process by creating a social and economic environment where research and innovation develop in parallel with the basic and superstructural skills of the population.
This paper looks at the educational and scientific area within the European Union, focusing on the trends in education and the vision for the future of universities in Europe amid the unprecedented worldwide pandemic associated with COVID-19. The fact that in such times technology offers many potentially creative solutions and opportunities and for rethinking assessment purposes, but there are also numerous risks and challenges, is considered. Special attention is putted on the discrepancy between demand and supply of knowledge, which should be placed among the main priorities of the education system in Europe. The opportunities for providing a unified environment for universities, students and research, are presented. Approaches and results from the application of the educational paradigm “Learning by doing”, are introduced as well as the stimulating of the development of centres of excellence.
In this regard, one of the objectives of this paper is to show how the methodology based on “Learning by doing” principle, stimulates and motivates students to discover and rediscover themselves, their knowledge and their abilities as a part of the knowledge society. So far, the results from this methodology has shown that this is the way young people acquire new knowledge and are able to discover themselves, to develop their self-esteem and self-criticism, and based on that be able to reach a higher educational cultural and economic level.
Here we offer brief final reflections on the subject of education, research and innovation in a united Europe in time of crisis. Because as a result of the processes for overcoming this total crisis, modern education and science in Europe will become stronger. Their natural synergy will not only support their efforts not to pay the general bill of society. Supported by citizens, they will successfully pay off that bill.

Keywords:

Education, research, innovation, science, university, pay off, COVID-19, bill, society, assessment.