The Role of International Transfers in Public Investment in CESEE: The European Commission's experience with Structural Funds
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In the context of the financial and economic crisis, which led to a dramatic deterioration of public finance, the EU budget and in turn cohesion policy have moved to the forefront of a wide-ranging debate on the management of public expenditure. Even more than before, it is necessary to ensure that public money is wisely spent and delivers the expected results.
This paper intends to feed this debate by focusing on cohesion policy interventions in the Central, Eastern and Southern European Economies (CESEE). It first highlights how difficult it is to measure the impact of a policy such as cohesion policy by reviewing the most important results on the macroeconomic impact of the policy. The paper then presents some of the main elements included in the proposals for reforming cohesion policy.