The European Commission Invests in Cross-Border Cooperation Programs

European Union pic
European Union
Image: ec.europa.eu

A consulting executive at Financial Research, Training & Consulting, LLP, Dr. Antonios (Tony) Antoniou specializes in financial guidance for medium-sized businesses. A former economics and finance professor, Dr. Antonios Antoniou enjoys staying abreast of issues impacting the European economy.

As of 2013, a majority of Europe’s wealth was held by citizens residing in Germany, the United Kingdom, France, and Italy. In fact, the countries possessed 73 percent of continent’s wealth, while countries, such as Greece and Spain dealt with gross domestic product contractions of negative 22 percent and 6 percent, respectively.

To enhance regional development and limit wealth gaps, the European Commission announced its use of cross-border cooperation programs in 2016. Intended for roll-out in 27 European countries, the programs will finance projects that target poverty prevention, environment change, education, border management, and energy, among others. Funding will come from the European Regional Development Fund, from which the commission has allotted 1 billion Euros to support the initiative.

Commissioners from eligible countries recognize the effort as a way to instill solidarity among countries in the European Union. Further, the programs are expected to spur competitiveness in local economies and help residents overcome economic challenges.

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