The Regional policy of any country can be defined a term in which the main responsibility of the country is to increase the growth of their economy. The quality of overall living standards can be improved with the increase of growth in an area’s economy through managed investments in the region.
Main targets of EU regional policy:
The European regional policy also focuses on making and giving better life opportunities to its citizens. The main objectives of the EU regional policy are:
- Researching and producing innovations in different departments.
- Making information and communication technologies better.
- Making small and medium businesses competitive enough to face the global market.
- Coming up with a low-carbon economy policy for a better environment.
The results of former regional policies:
The former regional policies of 2007 to 2012 served as a significant influence on the European Union. The main factors that helped in improving the economy are as follows:
- It created 7,69,000 job opportunities for citizens.
- Investments were made for up to 2,25,000 smaller businesses.
- Helped in funding projects of up to 72,000 research projects.
- It also brought coverage of high-speed broadband for up to 5 million European citizens.
- 11,000 different new projects helped in improving the quality of life of citizens in various cities.
It is the responsibility of European regional development fund and cohesion fund to manage the related finances every day. It is the duty of managing authorities to monitor the funding projects and information regarding the funds being provided.
These funds highly influence major departments which are:
- The public bodies.
- The private businesses.
- Different education departments such as universities.
- Human development NGOs and other association departments.
The European Union regional policy can help with overall economic growth, creating new job opportunities and it can also assist in making European regions more competitive against the global market. The regional policy of Europe also helps the government in creating a fund strategy for less developed regions in the EU.
The regional policy also helps in making transition regions more developed. These are the regions which receive fewer funds as compared to less developed areas but more resources as compared to the more developed areas in Europe.
There are three basic goals of the regional policy from which employment is the main target of all. The regional policy of Europe will also play a vital role in completing different challenges in the future such as efficient globalization, change in climate and weather conditions and a better supply of energy.
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