- The document proposes a European Strategic Research Agenda (SRA) for cloud computing to address challenges facing Europe compared to the US in this area and maximize opportunities. - While Europe has advantages in grid computing, the largest cloud providers are US-based using different standardization approaches than the research community. - The SRA would identify actions for interoperability standards, interconnect standards bodies, support collaboration, and maximize impacts of projects in areas like technology transfer and training to help European enterprises adopt clouds while mitigating risks.