Chapter 3: The economic theory of Cohesion policy
This chapter explores the economic theories and approach that justify Cohesion policy. It finds that the economic rationale has many dimensions, ranging from the treaty obligation to promote regional convergence, to more diffuse macroeconomic aims. The economic approach has also fluctuated over the years, with the latest emphasis being on boosting the collective investment effort of the European Union. This plethora of economic justifications for Cohesion policy makes it harder to assess its effectiveness.
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