EU Cohesion Policy transfers have the effect of enabling the least wealthy regions to achieve higher levels of investment in human and physical capital than would otherwise be the case, so helping to improve their long-term competitiveness. There is evidence of significant growth in GDP and a considerable reduction in unemployment compared with the case without subsidies. However, beyond its quantitative effects, the added value of the policy arises from other aspects, like the contribution made to national regional development policies by factors such as multi-annual programming frameworks, partnership, evaluation, co-operation between regions, and its political added value. These impacts have clearly contributed to the ‘Europeanisation’ of objectives, contents and operation of national development policies.
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