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Europe provides large-scale public support for collaborative R&D, notably through the European Union's Framework Programmes and the intergovernmental Eureka Initiative. Experience in evaluating these programmes is reviewed, with particular emphasis on assessment of their socio-economic effects. For the Framework Programmes a panel-based evaluation system has been unable to address these effects adequately. New emphasis on promoting research as a solution to economic and social problems has created additional demands for evaluation. In Eureka, a 'continuous and systematic evaluation' process collects information about project impacts on and after completion. Results show a highly skewed success pattern and new complex benefits arising from knowledge generation and networking. A schema of outputs and effects is presented and the issues of additionality and policy persistence discussed. It is concluded that a broader view of effects is needed if under-valuation is to be avoided.