Growth Penalized: Madeira's Call for EU Fund Reforms
Madeira GuideMadeira's government criticizes EU cohesion fund rules, saying they penalize growing regions. Governor Albuquerque calls for reforms.
In a recent visit to the Alpha Publicidade company in Funchal, Madeira's Governor Miguel Albuquerque expressed frustration over the European Union's cohesion fund rules. He argued that these regulations unfairly penalize regions experiencing growth, like Madeira.
Alpha Publicidade, a local advertising firm located in São João, has seen significant growth since its founding seven years ago, now employing nine people. However, the company's founders, Pedro Ascensão and Manuel Faria, highlighted the challenges posed by complex bureaucracy and insufficient support.
Albuquerque emphasized the need for the European Union to reconsider the indexation of cohesion funds to GDP, suggesting that this approach disadvantages regions that are successfully expanding their economies. He termed the current situation as "stupid" and called for immediate reforms.
The Governor's comments reflect a broader dissatisfaction among Madeira's business community, who feel that current EU policies do not adequately support regions with dynamic growth. The need for more flexible and supportive funding mechanisms is a pressing issue for local enterprises striving to expand.
"We are penalized for growing, which is stupid," Albuquerque stated, urging for a change in the EU's cohesion fund allocation strategy.
Sources
Madeira Guide
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