EVOLUTION OF COHESION POLICY. MISSION AND GOVERNANCE

Cohesion policy is the major investment vehicle and the most reforming EU budgetary chapter. Its landmark reforms mark key integration processes in the European Union. The present policy paper provides reflections of the dynamics of the main development trends in cohesion policy as determined by global phenomena, namely the economic and financial crisis and the current COVID-19 pandemic. They severely hit the entire EU, inevitably also affecting cohesion policy. The article shows that governance and the mission of cohesion policy has been adjusted to their aftermaths. Reforms introduced new measures and reinforced policy’s centralized European profile. Thus, evolution of cohesion policy is an illustration of its transformation from the merely redistributive tool with limited budgetary resources into the full-fledged development policy aimed at safeguarding that EU’s visions and goals will be pursued. The paper concludes that a new architecture poses the major challenge for cohesion policy after 2020 as its responsibilities and ever tightening governance continues while its budgets shrinks.