THE ASPECTS OF INNOVATION WITHIN THE EU REGIONAL POLICY
THE ASPECTS OF INNOVATION WITHIN THE EU REGIONAL POLICY

Summary/Abstract: Innovation is an important improvement and development element in all areas of economic and social life, business environment as well as regional processes. EU Regional policy has a significant impact on many areas of economic and social life throughout the European Communities. Investments in terms of innovation being executed through different tools help EU achieve the EU objectives within the particular type of policies in the fields of education, employment, energy, environment, single market, research and innovation. This paper will analyze how innovation is implemented into EU Regional policy processes, how important role it plays within the regional development to assure sustainable economic growth in European Communities and enhance the EU competitiveness within the international economics environment. By means of analysis, comparative analysis methods followed by logical deduction the main goal of this paper is to figure out how and in what way the technology and innovation implementation processes in EU Regional policy can affect the sustainable economic growth in terms of the social and economic development promotion measurements. The aim of the European regional policy is to contribute to the development of backward regions in particular, the restructuring of declining industrial areas, and revitalization of deprived neighborhoods. The emphasis is focused on creating sustainable jobs and improving the economic, social and territorial 'cohesion' of the Union. It is necessary to highlight that the EU Innovation policy implemented into European Union’s regional policy plays very important role within the current financial framework 2014-2020 and Europe 2020 Strategy to assure sustainable economic growth in the EU and enhance its competitiveness within the environment of the world economy triad. Innovations and innovation policies and strategies implementations are one of the most important aspects of current international economics and business development issues.

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