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The policy constitutes the main investment policy of the EU, and is due to account for around of third of its budget, or EUR 392 billion over the period of 2021-2027. [1] In its long-term budget, the EU's Cohesion policy gives particular attention to regions where economic development is below the EU average. [2] [3]
The European Council meetings held in Lisbon, 26-27 June 1992, and Edinburgh, 11-12 December 1992, agreed the establishment of the Cohesion Fund. [2] This was formalized in 1993, as part of the Delors II package of the Treaty of Maastricht, with the goal of reinforcing the regional policy of the EU. [3]
The Community Strategic Guidelines (CSG) contain the principles and priorities of the EU's cohesion policy and suggest ways the European regions can take full advantage of the funding that has been made available for national and regional aid programmes for the period 2007–2013. There are three priorities:
The Commissioner for Cohesion and Reforms is a portfolio within the European Commission. The current Commissioner is Raffaele Fitto . The portfolio is responsible for managing the regional policy of the European Union , such as the European Regional Development Fund , which takes up a third of the EU's budget .
Interreg IV covered the period 2007–2013. Interreg V (2014–2020) covers all 27 EU member states, the EFTA countries (Norway, Switzerland, Iceland, Liechtenstein), six accession countries and 18 neighbouring countries. It has a budget of EUR 10.1 billion, which represents 2.8% of the total of the European Cohesion Policy budget. [1]
The Delors Commission was also responsible for the creation of the Committee of the Regions, having enshrined the idea of cohesion between EU states and regions in the SEA in 1986 leading Delors to propose the body in 1992.
The European Union (EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. [9] [10] [11] The union has a total area of 4,233,255 km 2 (1,634,469 sq mi) and an estimated total population of over 449 million.
The flag of Bulgaria next to the flag of Europe. Since its accession in the European Union in 2007, [1] Bulgaria has been part of the EU's Cohesion Policy.This program introduces financial instruments, also known as the European Structural and Investment Funds, which aim to reduce the gap between different regions of the EU and improve their economic wellbeing.