The Efficiency of Financing the Regional Smart-Specialization Strategies Implementation from the EU Structural Funds

Abstract

The paper provides the empirical analysis of the efficiency of financing the regional smart-specialization strategies implementation from the structural funds in the context of its impact on the improvement of economic wellbeing and prevention of growing regional misbalances in the EU at the NUTS 2 level. It verifies the inverse correlation between the GRP volumes per capita in the EU Member States and the volumes of funding of the smart-specialization activities. The financial resources of the EU structural funds for the implementation of the regional smart-specialization strategies are established to be distributed on a regional basis and to be showing the signs of the aligning policy, which is a reasonable tactic from the viewpoint of the need to secure the balanced spatial development. However, the paper emphasizes that the less developed regions aren’t able to fully generate powerful innovations that would boost the economic activity in the smart-specialization domains yet.