Financial Instruments as a tool for the implementation of EU Cohesion Policy.

Abstract

The existing financial perspectives among the preferred forms of support grant as a tool for non-refundable transfer of benefits to the beneficiaries. Another financial perspective for the first time on such a large scale emphasizes the use of financial instruments, including repayable instruments will constitute the largest group of forms of support. Experience in this field are unfortunately slim, so the use of new forms of support will generate a lot of risk for both institutions support system and the beneficiaries themselves. Due to the above so it is important to properly prepare the support system, analysing all possible scenarios, as well as the construction of legal solutions especially in the field of aid law, scheduled to support effective and efficient. Of particular importance is the problem at the level of implementation of the Regional Operational Programmes. Their structural diversity, little institutional experience in the implementation of financial engineering instruments, and often lack full knowledge in this area, make use of such tools will be a big challenge not only the organization, but also the legal and financial. (original abstract)