European Parliament gives go-ahead to Structural Funds package
The European Parliament has given the green light to the Structural Funds package for 2007-2013 during its plenary session in Strasbourg on 4 July. The Structural Funds, which comprise the European Regional Development Fund (ERDF), the European Social Fund (ESF), the Cohesion Fund (CF) and the European Grouping of Territorial Co-operation (EGTC), have a budget of around €308 billion, over a third of the total EU budget. The main aim of the funds is to support economic growth and competitiveness, create jobs and encourage cross-border cooperation. The Structural Funds can also be used to fund research, and during the current programming period (2000-2006) some €10.5 billion were spent on research, development and innovation, mostly through the ERDF. During the next programming period, research and innovation are again listed as a priority area for investment for the ERDF, along with environment, risk prevention and infrastructure in the least developed regions. The funds will be available from 1 January next year.