The Regional Dilemma in a Neo-Liberal Europe

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Abstract
It has recently been argued that the consolidation of a globally integrated economy restricts the ability of governments to intervene effectively in the develop ment of their national economies. As a result, nation states are said to be transferring their power both upwards to supra-national institutions (such as the European Union) and downwards by conceding power to regional governments. Within the EU, the concept of a 'Europe of Regions', representing an emerging division of responsibilities between Union- level authorities and regional institutions, is thus seen by some as a corollary of moves towards economic and monetary union, as the role of the nation state wanes. In this paper we question whether such a 'Europe of Regions' is in fact emerging, and whether it is likely to be to the advantage of the less favoured regions. We point to the enduring importance of the nation state as an arena for economic policy formu lation, and explore what might be the content of a new national approach to regional economic policy.