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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.
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 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.
Although all CoR expenditure formally falls under Heading 5 (Administrative expenditure) of the EU Budget, as is the case for the European Parliament budget, a substantial part of its budget relates to non-administrative expenditure. Most obvious examples are all CoR expenses related to its Members and their political activities.
The eligibility for the EEA and Norway Grants mirrors the criteria set for the EU Cohesion Fund aimed at member states where the gross national income (GNI) per inhabitant is less than 90% of the EU average. For the 2014–2021 funding period, these countries are Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Greece, Hungary, Latvia ...