2008年-ECB欧洲央行_EU_cohesion_policy_in_central_and_eastern_European_countries_3页_160kb

EU Cohesion Policy in Central and Eastern European Countries

Core Content

The EU cohesion policy is a key mechanism aimed at reducing disparities in development levels among regions and Member States. It is primarily funded by three funds: the European Regional Development Fund (ERDF), the European Social Fund (ESF), and the Cohesion Fund. The policy's main objective is to promote convergence towards higher levels of per capita income by supporting long-term growth and employment through investment in infrastructure and human capital.

Key Information

• Target Countries: The EU9 countries (Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, and Slovakia) are the primary beneficiaries of EU cohesion policy during the period 2007–13.
• Financial Support: These countries are expected to receive around half of the total cohesion policy-related allocations for the 27 EU Member States.
• Allocations as a Percentage of GDP: The average allocation for the EU9 during the period is approximately 2.4% of GDP per year, with some countries receiving higher percentages, such as Lithuania (2.8%) and Hungary (3.0%).
• Peak Commitments: Bulgaria and Romania will see peak commitments in 2009 and 2010, respectively, as a result of the gradual phasing-in of cohesion policy following their accession to the EU in 2007.
• EU9 Total: The overall average for the EU9 is 2.4% of GDP, with a slight decline in the percentage of GDP for most countries over the period.

Main Objectives

• Reduce Regional Disparities: The policy aims to close the development gap between regions and Member States.
• Promote Long-Term Growth and Employment: By supporting investments in infrastructure and human capital, the policy seeks to improve economic prospects.
• Support Convergence: Enhancing per capita income levels in less developed regions to align with the EU average.

Main Views

• Infrastructure and Human Capital Investment: These are the primary focus areas for cohesion policy-related expenditure, especially in the EU9.
• Leverage Effects: Due to higher investment needs in the EU9 compared to the EU15, the leverage effects of EU funds may be greater than in the past.
• Macroeconomic Stability Challenges: Fast-growing countries may face macroeconomic imbalances due to the demand effects of EU cohesion policy, particularly in the construction sector.
• Implementation Rates: The EU9 have historically spent only about 56% of ERDF funds and 22% of Cohesion Fund commitments, indicating challenges in administration and planning.

Key Challenges

• Delayed Payments: Due to "teething problems," actual payments tend to be delayed, accumulating towards the end of the programming period.
• Cyclical Impact: The demand stimulus from EU funds could exacerbate macroeconomic imbalances, especially in countries experiencing overheating.
• Organisational Issues: Low implementation rates highlight administrative and planning inefficiencies, which may hinder the policy's effectiveness in promoting long-term growth and employment.

Recommendations

• Sequencing of Projects: National governments and EU institutions should consider the macroeconomic environment when planning the implementation of cohesion policy measures to avoid exacerbating imbalances.
• Improved Administration: Better planning and administration are essential to ensure the effective use of EU funds and achieve the policy's long-term goals.
• Focus on Productivity: The ultimate goal of economic policy-makers should be to use EU funds to enhance long-term productivity while avoiding unsustainable demand stimulus during periods of economic overheating.

Summary

The EU cohesion policy plays a crucial role in supporting economic development in Central and Eastern European countries, particularly the EU9. These countries are expected to receive significant financial transfers, with the average allocation being around 2.4% of GDP. The policy focuses on infrastructure and human capital investment, which are likely to have a greater leverage effect in the EU9 due to higher development needs. However, the delayed implementation and low spending rates (e.g., 56% for ERDF and 22% for Cohesion Fund) pose challenges to the effective use of funds. The demand effects of EU transfers may create macroeconomic imbalances, especially in fast-growing countries, and require careful sequencing to avoid exacerbating these issues. Ultimately, the policy should aim to enhance long-term productivity and economic convergence, while ensuring macroeconomic stability.