European Cohesion Policies Between Flexibility and Structural Investments in a Risky World

Abstract The discussion on the future EU budget (Multiannual Financial Framework 2028–2034) needs to consider several issues, some of which are novel. Among these is the emergence of increased geopolitical risks. This article first shows that these risks do not affect regions in the same way and that, for this reason, need to be also considered in the design of regional policies. The paper also shows that dealing with these risks will require greater flexibility that, however, will need to be balanced with the stability of structural investments, since these are also needed to build regional resilience in the long run.