REGULATION (EC) No 294/2008 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL that established the EIT on 11 March 2008 states that:

A new initiative at Community level, the European Institute of Innovation and Technology should be established to complement existing Community and national policies and initiatives by fostering the integration of the knowledge triangle — higher education, research and innovation — across the European Union.

The regulation also states that the EIT’s objective is to:

…contribute to sustainable European economic growth and competitiveness by reinforcing the innovation capacity of the Member States and the Community. It shall do this by promoting and integrating higher education, research and innovation of the highest standards.

The full Regulation can be downloaded and read below:
REGULATION (EC) No 294/2008 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Note: Please be aware that Regulation (EC) No 294/2008 was amended by Regulation (EU) No 1292/2013 and reference to the amendment should always be made for a comprehensive understanding of the EIT's Regulation. The full amendment can be downloaded below:

REGULATION (EU) No 1292/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 December 2013 amending Regulation (EC) No 294/2008 establishing the European Institute of Innovation and Technology

A consolidated version of the EIT Regulation is also available: Consolidated EIT Regulation.