On 16 December, the Council adopted the cohesion policy package for 2014-2020, marking the end of two and a half years of negotiations.
The purpose of cohesion policy is to reduce disparities between the levels of development of the EU's various regions by promoting economic growth, job creation and competitiveness.
Cohesion policy herewith contributes to the achievement of the Europe 2020 strategy objectives of smart, sustainable and inclusive growth. The EU support for cohesion policy amounts to EUR 325.15 billion (in 2011 prices) for the next seven years, in line with the EU's multiannual financial framework (MFF) for 2014- 2020 adopted by the Council on 2 December. This is around one third of the expenditure ceiling of the next MFF.
The six regulations adopted define the conditions of eligibility and the criteria for the allocation of the EU cohesion policy support.