In the latest edition of Real Economy, Euronews explains how EU Cohesion Policy reduces regional disparities and creates a level playing field in the EU by boosting economic development in specific regions. While there’s a common misconception that richer countries in Western Europe are propping up those in the East, funds are also distributed within richer Member States that have struggling poorer regions. The UK, for example, is relatively wealthy with the third largest economy in Europe, yet it has some of the poorest regions in Northern Europe. EU funds have sponsored numerous projects in Wales, for example, such as a new university campus in Swansea. Cohesion Policy gives money to areas to help create jobs and growth, build transport links, support enterprise, protect the environment and support innovation. An independent review found that between 2007 and 2013 Cohesion Policy helped to create one million jobs and investments in 400,000 SMEs. Moreover, by the end of 2023 it will have contributed an additional EUR 3 trillion to GDP growth. The money for these projects comes from three main sources: the European Regional Development Fund (ERDF), the European Social Fund (ESF), and the Cohesion Fund. In 2013, EUR 351.8 billion, or around a third of the EU's budget, was set aside for cohesion policy measures.