The budget for the next European long-term period is being discussed at the Multiannual Financial Framework in Brussels. The Commission proposes a modernised approach for the Cohesion policy, main investment European policy that represents more than a third of the budget so far.

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."

Commissioner for Regional policy Corina Creţu said: "Today we propose a Cohesion Policy for all regions, which leaves no one behind. We have made it more flexible, to adapt to new priorities and better protect our citizens. We also made the rules simpler and this will benefit all, from small businesses and entrepreneurs to schools and hospitals that will get easier access to the funds."

It is presented in four sectors:

- The Commission wants the European Regional Development Fun and the Cohesion Fund to be centred on key investment priorities such as innovation, support for SMEs and activities respecting the environment.

- The Cohesion policy should implement a more tailored and personalised experience to answer appropriately economic and social challenges. The regions will be given more power, so particular local conditions are taken into account.

- The legal framework will be revised as well. It should be more flexible to allow entrepreneurs to develop and scale up their activities faster, without heavy procedures and controls. Consequently, fewer and simpler rules would be gathered in a single source to be consulted by economic and social innovation actors.

- As last proposition, the Commission the Cohesion Policy to be managed with the European Semester so the initiatives deliver their full potentials in developing an innovative and efficient economic environment in Europe.

For further information, click here.