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Funding Sustainable Development in European Regions
104, pdf
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Funding Sustainable Development in European Regions
Publisher: CEE Bankwatch Network
Date: February, 2013
Volume: 104 pages, pdf
Description
The European Union’s Cohesion Policy, in other words its regional development policy, aims to reduce the gap between the less and more developed regions of the EU, namely by promoting economic, social and territorial cohesion. Its financing instruments – the so-called ‘Structural and Cohesion Funds’ (EU funds) – account for one third of the current EU budget , making this the second largest spending line. This financial support exerts a major influence on overall public financing, especially in less developed countries such as the new member states in Eastern Europe. Table at this page shows that in Central and Eastern European countries (CEE) the share of EU funds makes up more than half of all public investments.
Given the weight of EU funds within the national spending and due to its leverage effect on loans from other international financial institutions (IFIs) and private investors, the way EU Structural and Cohesion Funds are invested in these countries largely determines their economic development path.