The evolving role of EU Regional Policy: Implications for Australia?

In 2013, ANZJES published an article on the significance of European Union (EU) Regional Policy in the process of European integration and its implications for Asia. Over the past decade, EU Regional Policy has evolved considerably. It is still centred on facilitating European integration, but also assumes a much more central role in focusing attention on harnessing resources, intellectual and economic, in order to address major societal missions. Regional Policy, or Cohesion, funds constitute approximately one third of the total European Commission budget and are, therefore, not only an important resource for integration, but also for addressing the wider priorities around the European Green Deal, and indeed, the planet. This is evident in the proposed Multiannual Financial Framework agreed by the European Council for 2021-27, in which Cohesion funding is seen to be a crucial resource for economic and social recovery from the COVID-19 crisis. This article reviews the evolution of this thinking in the last decade and considers its growing international significance. Whilst not necessarily imagined in 2010, when the EU established its European External Action Service (EEAS), a focus on regions and their innovation systems has enabled the EU to strengthen its global influence significantly.