The new European funding landscape: What are the opportunities for urban regeneration?

Anticipating the next round of European Union (EU) funding for 2014–2020, the challenges confronting the new programmes are at their most acute since the funds were established several decades ago. Practitioners working with EU funds will not be able simply to trade on their past experience and expect to do ‘more of the same’ without stopping to think about what they are doing and how they are doing it. They will need to show that they can do better with less. Economic recession, an unprecedented Eurozone crisis and prolonged austerity have driven a renewed sense of urgency and accountability through every EU programme. In a period in which public funding for urban regeneration is scarce, European Structural and Investment (ESI) funds represent a major source. Composing over one-third of the total EU 7 year budget of e960bn, ESI funds are regarded across Europe as the main financial lever for lifting the EU out of the economic doldrums. Every Eurocent will have to demonstrate its contribution towards that goal, and those who use them will need to be able to show that their EU investments make a positive and measurable impact on growth and represent value for money. The overall performance of the funds — at local, national and EU level — will be monitored at all stages along the way, with scrutiny of impact and proper spending taking centre stage. Understanding the context, reasoning and sense of purpose behind the new EU programmes is essential for any regeneration professional wanting to target and manage the funds successfully. In England, a radical shake up of the economic development architecture has forced an equally radical rethink of how future EU funds should be managed. A much more granular approach to tackling market failure, which is firmly rooted in the national policy context for driving international competitiveness, has set the direction for the future administration of ESI funds. This paper describes the key principles and stages of development enshrined in the new EU programmes for England to help guide practitioners through their journey.