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Why Is Regional Development Considered to Be an Important Eu Policy?

In: Business and Management

Submitted By cathal1987
Words 2071
Pages 9
Why is regional development considered to be an important EU policy?

“The mission in the Directorate General for Regional Policy is to strengthen economic, social and territorial cohesion by reducing disparities in the level of development among regions and Member States. This means investing in regions’ indigenous potential to promote the competitiveness of regional economies and the permanent catch-up of those lagging behind the more prosperous areas” (http://ec.europa.eu/dgs/regional_policy/index_en.htm)
I chose this essay as I found it very interesting to learn about how and why the EU develops regions when I was doing my presentation for this module. I found it surprising to discover just how important an EU policy it is and to learn why both poorer and wealthier regions require development funding, often for very different reasons. My aims for this essay are firstly to give an insight into the history of EU policy over the past fifty years, with particular reference to the European Regional Development Fund (ERDF) that was established in 1975. I will then begin with examples from Ireland, in regions where the EU consider development an important policy. From there, I will contrast this development with poorer regions in Europe, where regional development is now a major EU priority (especially regarding new Member States). As I conclude, I will highlight current and future regional development actions of the European Union.

During the period 1957-1988, the European Social Fund (ESF, since 1958), the European Agricultural Guidance and Guarantee Fund (EAGGF, since 1962), and the European Regional Development Fund (ERDF, since 1975) co-financed projects which had been selected beforehand by Member States of the EU. These are three of the EU’s primary development policies.
“The European Social Fund finances projects in the labour market that improve skills

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