The principal aim of the EU’s Regional Policy, also known as Cohesion Policy, is to address the territorial, social and economic imbalances that exist between the different regions of the EU. Regional Policy covers all regions and cities of the European Union, helping to support job creation, business competitiveness, economic growth, sustainable development, and to improve citizens’ quality of life.
To achieve these goals and address the diverse development needs in all EU regions, €351.8 billion – almost one third of the total EU budget – has been set aside for cohesion policy for the 2014-2020 period. This financial support is distributed through two main funds: the European Regional Development Fund (ERDF) and the Cohesion Fund (CF). Together with the European Social Fund (ESF), the European Agricultural Fund for Rural Development (EAFRD) and the European Maritime and Fisheries Fund (EMFF), they make up the European Structural and Investment Funds (ESIF), which provide support that can make a real difference to the lives of people in the EU’s regions.
The bulk of Cohesion Policy funding is concentrated on less developed European countries and regions, in order to help them to catch up and to reduce the economic, social and territorial disparities that still exist in the EU. Cohesion Policy has a strong impact in many fields. Its investments help to deliver many EU policy objectives and complements EU policies such as those dealing with education, employment, energy, the environment, the single market, research and innovation.
With the current programming period (2014-2020) drawing to a close, work is now under way on planning the cohesion policy priorities for the next programming period (2021-2027). During its 2014-2019 term the European Parliament was called upon numerous times to adopt new legislative acts, amend older rules and to provide opinions on many topics relating to the EU’s regional policy. Within the European Parliament, the Committee on Regional Policy is responsible for the Union’s regional development and cohesion policy, as set out in the Treaties.
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