The European Regional policy should contribute to increasing growth, competitiveness and employment by incorporating the Union's priorities for sustainable development as defined at the Lisbon European Council and at the Göteborg European Council. Article 174 of the Treaty on the Functioning of the European Union (TFEU) provides that, in order to strengthen its economic and social cohesion, the EU is to aim at reducing disparities between the levels of development of the various regions and the adverse economic conditions of the least favoured regions or islands, including rural areas. Article 175 TFEU requires this action to be supported by the Structural Funds, the European Investment Bank (EIB) and the other existing Financial Instruments. © Springer-Verlag Berlin Heidelberg 2011.
Bovis, C. (2011). Chapter 4 the role and function of structural and cohesion funds and the interaction of the EU regional policy with the internal market policies. The Role of the Regions in EU Governance, 81-108. The University of Hull. https://doi.org/10.1007/978-3-642-11903-3_4