Regions for Economic Change is an initiative of the European Commission that aims to highlight good practice in urban and regional development, with a particular focus on innovation, and to speed up the transfer of good practices to enhance the quality and impact of the EU’s regional development programmes and their implementation by the EU’s Member States and regions.

Falling under the European Territorial Co-operation Objective, the initiative Regions for Economic Change works alongside the two existing instruments of the European Regional Policy- the Interregional Co-operation and the Urban Development network programmes, setting economic development themes to encourage economic modernisation. In addition to linking European Cohesion Policy with the renewed Lisbon Agenda, the initative further supports the Community's strategic guidelines on cohesion by establishing a voluntary network for regions, Member States and regions to share effective development schemes.

Structure

Regions for Economic Change consists of four components to encourage projects for economic modernisation and competitiveness

• Fast Track Option
• Two-way bridge” approach
• Consistent and open communication network
• Themes for action

In addition to providing cities and regions the initiative to start networks, the fast track option gives the Commission initiative to develop networks. Working with Member States, the Commission decides a theme, establishes a network around this theme and encourages regions and cities to join, for which the Commission oversees the projects implemented by the network. In return for joining the network, the participating regions and cities may utilize the Commission for advice and expertise regarding testing and evaluating best practices as well as receive administrative support if needed.

The “two-way bridge” provides for the follow of ideas and examples throughout the Union by allowing regions to submit examples of best practice for possible distribution to other Member States. The “bridge” also refers to the connection regions, Member States and cities make between their Regions for Economic Change network and regular programmes, to allow for the Regions for Economic Change ideas and effective tactics to reach other States through mainstream programmes.

A key component of the Regions for Economic Change is an effective and open communication network to share ideas, information and best practices. The Regions for Economic Change will also hold seminars and create publications to spread best practices and information as well as hold a yearly conference analyzing progress made towards economic modernisation and thus the Lisbon objectives. During the conference, annual innovation awards will be handed out to exemplary projects from each theme, as another way of communicating effective projects and ideas.

While Member States and regions may decide a theme to steer their actions, the Commission provides four thematic options:

• Improve Member States, cities and region's attractiveness and accessibility while preserving the environment
• Innovation, entrepreneurship and knowledge
• Creation of more and higher quality jobs
• Improve the growth potential and allow for equal regional development

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