The European Union supports poorer regions of Member States by providing funds to help them regenerate their economies and create new jobs. There are three funding programmes known collectively as structural funds:
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The programmes are made up of funding from the European Regional
Development Fund (ERDF) and the European Social Fund (ESF) and aim to fund
activities which will:
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Address worklessness and improve workforce skills
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Stimulate innovation and promote added value industries
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Encourage enterprise and sustainable growth
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Unlock the economic potential of place
Oversight of the delivery of the programmes is undertaken by
Programme Monitoring Committees (PMCs) which pull together representatives
from key partners and stakeholders across the private, public and voluntary
sectors to help set the strategic direction for the programmes and monitor
progress and delivery issues. The PMCs are chaired by the Government Office
Regional Director. Day to day management of the ERDF programmes and the
delivery and commissioning arrangements are undertaken by the South West
Regional Development Agency. The ESF programmes are managed in the region
by GOSW
Both programmes in the South West have got off to a good start and
compare well in progress terms to other programmes operating in England. It
is worth noting that Cornwall and the Isles of Scilly are the only areas in
England which qualify for Convergence support from the EU. The
Competitiveness and Employment Programme is available in every English
region.
The European Commission sets annual financial targets for programme
expenditure which if not reached risks de-commitment of funds back to
Brussels. These targets are known as N+2 targets and need to be achieved by
31 December each calendar year. The Convergence programme has already
achieved its end 2009 target and the Competitiveness programme is on track
to do so. This represents very good performance given the backdrop of the
economic downturn.
