European Commission puts forward ambitious proposals for a modern EU budget

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The Commission has made clearer and simpler EU financial rules that ensure the EU budget delivers on the issues that matter to Europeans.
31 May 2018 - DIGITAL REGIONS  project
The European Commission has made ambitious yet realistic proposals for the next long-term EU budget 2021-2027. The Commission proposes to modernise Cohesion Policy, the EU's main investment policy and one of its most concrete expressions of solidarity. With a budget of €373 billion in commitments, the future Cohesion Policy has the investment power to help bridge gaps between and within member states. 

Vice-President responsible for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen, said:

 "Over the next decade, Cohesion Policy will help all regions modernise their industry and invest in innovation and the transition to a low-carbon, circular economy. In addition, our proposal will further contribute to a business-friendly environment in Europe, setting the right conditions for growth, job creation and investment."

The main features of the proposal for the Cohesion Policy include:

1. A focus on key investment priorities, where the EU is best placed to deliver:
The bulk of European Regional Development Fund and Cohesion Fund investments will go towards innovation, support to small businesses, digital technologies and industrial modernisation. It will also go to the shift towards a low-carbon, circular economy and the fight against climate change, delivering on the Paris Agreement. 

2. A Cohesion Policy for all regions and a more tailored approach to regional development: 
  • Investing in all regions
  • A tailored approach
  • Locally-led
3. Fewer, clearer, shorter rules and a more flexible framework:
  • Simplifying access to funds
  • A single rule book
  • Adapting to needs
4. A strengthened link with the European Semester to improve the investment environment in Europe.

More information on the EU budget can be found here.

Source: European Commission - Press release, EU budget: Regional Development and Cohesion Policy beyond 2020

Click here to email  Eilis Mc Fadden at ERNACT for further information

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