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MULTI-ANNUAL FINANCIAL FRAMEWORK INVESTMENTS OF THE EUROPEAN UNION IN THE CONTEXT OF GREEN GOALS
Abstract
By adopting the Multiannual Financial Framework (MMF), the European Union (EU) sets the priorities and objectives for the EU. The achievement of the objectives set out in the multi-annual budget is closely linked to the implementation of the Member States' national policies and strategies, as well as to the programming documents for the administration of the European Investment Funds. In order to track the progress of the EU Member States in the implementation of economic and social cohesion policy, the authors have analyzed beta and sigma convergence processes of green economy indicators in the EU Member States from 2009 to 2019. Using ? and ? convergence methodology, author analyzed the relationship between the 28 Member States and the goals set in the Europe 2020 Strategy, highlighting green economy priorities and indicators from 2009 to 2019. Additionally, author looked at the convergence of two dependent factors (the EU investments and the Europe 2020 targets) to see how the EU investments contribute to the target. The importance of analyzing green economy has long been acknowledged by the international scientific community. Determining the impact of the EU investments on the Europe 2020 target for green goals with two independent variables, a regression of indicator from 2009 to 2019 is constructed. The results of the study prescribe usefulness for the EU2020 target analysis of results and points the need for improvement. Achieving the targets would be more sustainable if there was strong convergence between Member States. According to Eurostat, headline indicators of climate change and energy in Europe 2020 strategy will also not be met. The results of the study show the efficiency of such tool and its potential in performing current analysis, as well as predicting future tendencies related to green goals.
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