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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 EUR 8.7 billion allocated to the European Territorial Cooperation objective represents 2.5% of the total budget for Cohesion Policy in 2007–2013 and is financed by the European Regional Development Fund (ERDF). It supports cross-border, transnational and interregional cooperation programmes, helping Member States to participate in ...
The European Grouping of Territorial Cooperation (EGTC) [3] enables public bodies, regional and local authorities, associations and also EU Member States to create a new cooperation entity with a legal personality. The inception of this new instrument for cooperation at Community level in the framework of regional policy was in 2006.
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 CoR's 2013 budget (€36.5M) represents 0.06% of the total EU budget which makes it the third smallest EU institution in terms of budgetary needs. Its 2014 budget (€90.2M) breakdown according to purpose of expenditure is as follows: 39.7% – Consultative Works (€35.8M); 30.3% – Translation, Interpretation and Print (€27.2M); 30% ...
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.