The European Regional Development Fund (ERDF) has led to the creation of an estimated 1.4 million new jobs in the region between 2000 and 2006.

Over the period in question, a sum of €123 billion was invested in the initiative and the European Union (EU) reports it has had a "clear impact in the regions", with around half the total number of employment opportunities in the least developed areas of the bloc.

In addition to generating jobs, the policy has also resulted in 2,000km of motorways being constructed and improvements to water quality.

Commenting on the results of the research, EU commissioner for regional policy Johannes Hahn said: "With our investments we do not only make the European Union visible to our citizens in the regions but we also deliver tangible results to the direct benefit of our economy."

A recent meeting of the EU Council approved the establishment of a new microfinance facility intended to increase job creation and social inclusion across the region.