Financing Regional Policy
Today, European regional policy is even more necessary than it was yesterday. For at least two reasons: in an enlarged EU the economic gap between regions has doubled; and globalisation has an asymmetric impact on Europe’s regions.
What does European regional policy bring? It is a unique tool for converting political priorities at the EU level into real results on the ground. A key asset is the broad network of regional and local actors mobilised to implement this policy. This partnership contributes to better economic governance and to ownership of the Lisbon agenda for growth and jobs.
EU regional policy really makes a difference to the development of European regions which have a key role to play in the new partnership for jobs and growth.
On the 17th of December the European Council reached an agreement on the Union’s financial framework for 2007-2013. The ten new Member States will get around EUR 157 billion over the seven years, Of the overall EUR 307.619 billion spending, EUR 251.33 billion is earmarked for convergence, including EUR 61.518 billion for the Cohesion Fund; EUR 12.521 billion for regions for which cohesion funding will be gradually phased out; and EUR 48.789 billion for regional competitiveness and employment (including EUR 10.385 billion for regions where aid is gradually being phased out). 'Territorial cooperation' will get EUR 7.5 billion.
In 2007-2013 these resources will be channelled through the structural funds into investments in key elements of EU competitiveness – human capital and physical infrastructure, innovation, telecommunications and information technology, research and development.