Regional Policy for smart growth in Europe 2020
Regional policy is a key delivery mechanism for Europe 2020 and the Innovation Union. Investment in research, innovation and human capital is crucial for all regions, but regions start with different endowments and capabilities. There are potentially large gains from strategies that focus on competitive advantage exploiting global specialisation niches and strengthening a region's knowledge-based potential through targeted interventions. This publication sets out the key innovation tools relevant for regions. Regional diversity favours different routes to growth through innovation and specialisation and challenges policy-makers to develop the right policy mix adjusted to regional potentials and needs. All regions can gain from adopting a policy mix that develops their strengths and tackles their weaknesses, whether through knowledge generation or through its diffusion and absorption.