As the World Bank’s 2012 Golden Growthreport emphasized, the European Union, since its founding,has been a ‘convergence machine,’ generating wealth and ahigher quality of life for the poorest in the 28 EU memberstates. More recently, the Growing United report highlightedthat while the convergence machine still works, it is notworking for everyone. And among the fault lines emerging inthe convergence machine, regional inequality represents apotent threat to Europe’s economic well-being, and to itssocial and political cohesion. In this context, RethinkingLagging Regions highlights the nature and implications ofregional inequalities in Europe and recommends how cohesionpolicy can be leveraged to maximize its impact on laggingregions, and on the businesses and people in these regions.The report has several key messages: regional inequalitiesare high and likely to rise; Europe’s lagging regions aregoing in opposite directions, but face common challenges;cohesion policy can maximize its impact on lagging regionsby explicitly targeting regional potential and equality ofopportunity rather than convergence; cohesion policypriorities can be rebalanced to help deliver on regionalpotential; and delivery of regional policy needs to engageever more deeply at the ground level. This report aims tocontribute to the debate on the future of cohesion policy,with a specific focus on lagging regions. It calls for afurther shift in the objectives of cohesion policy towardsan increasingly ‘region-centered’ approach that aims tomaximize potential in all regions, while seeking convergenceof opportunities for individuals, no matter where they live.
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