European Regional Development Fund

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The European Regional Development Fund, 2007–2013.

The European Regional Development Fund (ERDF) is a fund allocated by the European Union.

History[edit]

During the 1960s, the European Commission occasionally tried to establish a regional fund, but only Italy ever supported it. Britain made it an issue for its accession in 1973, and pushed for its creation at the 1972 summit in Paris. Britain was going to be a large contributor to the CAP and the EEC budget, and sought to offset this deficit by having the ERDF established. They would then be able to show their public some tangible benefits of EEC membership. The ERDF was set to be running by 1973, but the 1973 oil crisis delayed it, and it was only established in 1975 under considerable British and Italian pressure.[1]

It started with a budget of 1.4 billion units of account, much less than the original British proposal of 2.4 billion units of account, but has increased rapidly both proportionally and absolutely in the course of time. Since its creation, it has operated under changing set of rules that were standardised with Single European Act and is now in its 2007–2013 period.

Scope (2007–2013)[edit]

As part of its task to promote regional development, the ERDF contributes towards financing the following measures:

Objective convergence
  • Modernising and diversifying economic structures
  • Creating sustainable jobs
  • Stimulating economic growth
  • Attention to urban, remote, mountainous, sparsely populated, and the outermost regions
Regional competitiveness and employment
  • Innovation and knowledge economy (e.g., research and technological development, innovation and entrepreneurship, financial engineering)
  • Environment and risk prevention (e.g., cleaning up polluted areas, energy efficiency, clean urban public transport, risk prevention plans)
  • Access to transport and telecommunications
Territorial cooperation
  • Cross-border economic, social, and environmental activities
  • Transnational cooperation, including bilateral cooperation between maritime regions
  • Inter-regional cooperation, including networking and exchange of experiences between regional and local authorities

ERDF Compliance[edit]

All awards of ERDF must comply with European Union competition law (including State Aid Law[2] and Government procurement in the European Union). Failure to comply with these legal requirements may result in irregularity rulings[3] which carry financial implications.

See also[edit]

References[edit]

  1. ^ George, Stephen (1990). An Awkward Partner: Britain in the European Community. Oxford University Press. pp. 56–67. ISBN 0-19-827563-3.
  2. ^ "State Aid Law Resource". State Aid Law. Retrieved 2011-03-11. 
  3. ^ "Rules for Application of ERDF". European Union. Retrieved 2012-03-11. 

External links[edit]