Regional development programs will find it easier in the European Union (EU) to access funding in order to improve economic conditions and create employment opportunities.

Members of the European Parliament have backed plans to provide fast-track support for schemes as part of a series of measures to stimulate growth in the wake of the financial crisis.

Under the proposals, countries in those nations most acutely affected by the global downturn can apply for increased advance payments to help generate new jobs.

The €347 billion EU cohesion policy will support public investment and budgetary stability policies in regions of the bloc between 2007 and 2013.

"Objective economic criteria" will be applied to determine which countries will receive advance payments during 2010, with initiatives such as youth apprenticeships and job training courses being preferred for swift implementation.

Additionally, MEPs recently approved new regulations intended to reduce the burden of regulation faced by small businesses in the EU in order to make them more competitive.