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RESEARCH PRODUCT

The Role of Cohesion Policy in the Development of Romania

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Abstract Cohesion is a common European value. The E.U.’s cohesion policy is and will remain an essential financing instrument for various multiannual development programs, for both member states and regions. This policy contributes to the development of the European Union, by reducing disparities between regions, generating jobs and increasing GDP per capita. The current paper aims to highlight several accomplishments and failings of the current cohesion policy, with a particular focus on post-2007 Romania, as well as taking a look at the future policy, envisioned for 2021 - 2027. The cohesion fund is making investments in areas such as digital infrastructure, innovation, combating climate change, ecological transition, energy, health and others. The main criterion on which this kind of financing is made is GDP per capita; however, other criteria have been added as well: youth unemployment, level of education, climate change and likely, migrant integration, in the near future. The European Commission proposes that, for the next multiannual financial framework, namely 2021 - 2027, local authorities become more involved in managing E.U. funds, particularly cohesion funds. Several new elements have been identified, for this following time frame, which will contribute to the modernization of the cohesion policy; they include investments across all regions, making them more accessible to E.U. citizens, making it more adapted to regional development and linking it to the European semester.