You're listening to the European Parliamentary Research Service podcast on the post-2020 challenges for the EU cohesion policy.

Taking up over one third of the Union's budget, cohesion policy is one of the EU's main investment tools, and one the EU feels especially proud of.

It has helped less well-off regions catch up with the rest and create growth and jobs

across Europe.

But could it be more effective?

Yes, it could.

Join us on this analysis of the challenges for the post-2020 cohesion policy reform.

Europe is diverse.

This is one of its riches, but a key challenge to reducing disparities between its various countries and regions and the backwardness of the least favourite regions is the main aim of the EU's cohesion policy.

This form of internal solidarity is administered through a myriad of funds, notably the European Regional Development Fund, the European Social Fund and the

Cohesion Fund. Along with the European Agricultural Fund for Rural Development and the European Maritime

and Fisheries Fund, they constitute the European Structural and Investment Funds. The more

than €350 billion earmarked for regional and cohesion policy in the 2014 to 2020 period provide support

to all European regions, but some get a bigger slice of the cake. Is this fair? Is it effective?

How could funds be better administered? Or better targeted at supporting jobs and innovation?

Although the current programming period ends in 2020, the debate about the post-2020

cohesion policy challenges and reform has already started.

Commissioner Karina Kretu has identified some key issues for future reflection.

Let's review them.

The first and most central question is how EU cohesion policy can best contribute to its two complementary objectives, competitiveness and cohesion.

Too strong a focus on competitiveness may tend to favour already dynamic metropolitan regions.

But tilt the balance too much towards cohesion and you may miss the opportunity to develop new capabilities.

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