Challenges to the Perspectives of New European Union Regional Policy Legislation

The contemporary European Union is a decentralized community. The Union’s regional policy has a long tradition, which is shaped by common EU legislation. EU regional policy is primarily directed towards overcoming disparities in the economic development of various regions, which has a strong impact on the equalization of the whole EU. Funding for the development of various regions has been constantly increasing. In 2006‐2013, 347 billion Euros were allocated to the various regions. EU policy is very dynamic and it is being continuously upgraded.Since enlargement in 2004 and 2007, the transformation of regional policy has become unavoidable because the economic disparities have significantly deepened. Bigger disparities have caused the need for changes in EU regional policy legislation.Most recently, in December 2014, a package of new legislation was adopted, with which a new legal framework was established. It is aimed at providing for a more efficient and effective management of the ERDF, ESF and CH. The new legislation is faced with the numerous of challenges. The goal has been to produce a further simplification of procedures related to regional policy, to strengthen the links of all regional projects with energy efficiency and environmental matters and to enable a more comprehensive use of the economic potential of various regions. This will require stronger cooperation between the EU, the member states, and the regions. The main aim of this chapter is to analyze the new EU regional policy legislation and to highlight its future challenges and perspectives. The paper also includes a SWOT analysis of the potential for the implementation of the new legislation, so as to determine the obstacles and potential for the further strengthening of regional policy. This paper also aims at initializing a wider debate about the future perspectives of this legislation.&nbsp