Which is more important for universities and colleges-Teaching or Research?

In universities here, research is the main criterion for appointment as well as promotion and  good researchers generally pay less attention to teaching. However, I feel one cannot remain abreast with recent developments in the field without being involved in research and the teaching will be very dogmatic. Also, only researchers can infuse a spirit of enquiry and innovation in their students.So, there is a need to balance the 2, not their separation. Quality of teaching must be an equal, if not more important, criterion for grading and promotion of teachers. What do you say?