The EU's regional policy aims to address the territorial, social and economic imbalances existing between the different regions of the EU. Also known as cohesion policy, it covers all regions and cities of the European Union, helping to support job creation, business competitiveness, economic growth, sustainable development, and to improve citizens' quality of life. Almost one third of the total EU budget has been set aside for cohesion policy for the 2014-2020 period, with this financial support distributed through two main funds, the European Regional Development Fund and the European Social Fund, part of the European Structural and Investment Funds, which are making a real difference to the lives of people the length and breadth of Europe.
https://www.europarl.europa.eu/thinktank/en/document.html?reference=EPRS_BRI(2019)637953
Source: © European Union - EP