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The European Union will reduce the financing of Eastern European countries by 30 billion euros

The European Union will reduce the financing of Eastern European countries by 30 billion euros

29 May 2018 LJ cover – Евросоюз сократит финансирование стран Восточной Европы на 30 млрд евро
Tags: Europe, Economy

The European Union plans to reduce the funding of Central and Eastern European countries by 30 billion euros, redistributing these funds to Italy, Greece and Spain.

This is reported by The Financial Times with reference to the draft document of the European Commission.

On Tuesday, the EC should submit its "Cohesion Policy" to 330 billion euros in the period of 2021-2027, the newspaper writes.

The "cohesion policy" provides for the creation of hundreds of thousands of projects throughout the EU in order to reduce differences between regions. The European Commission is reviewing the criteria for allocating funds. According to the new categories, youth unemployment, education level, immigration during the 2014-2017 period and carbon dioxide emissions into the atmosphere will be taken into account.

The EC believes that the East and Central European states received disproportionately large benefits after the EU enlargement in 2004. Therefore, within the framework of the "Cohesion Policy" Poland should get at 23%, or 19,5 billion euro less than in the period of 2014-2020. Minister of Development of Poland Jerzy Kvechinsky has already called this distribution of funds dishonest and will deepen the tension between east and west. It is assumed that the largest reduction in funding is experienced by the Czech Republic, Hungary, Lithuania and Estonia - by 24%.

But the southern countries, which hit the financial crisis, can expect to increase funding. So, the financing of Spain will increase by 5%, Greece - by 8%, Italy - by 6,4%.

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