As the time approaches for the preparation of the new European Union, budget storm clouds are appearing on the horizon. The various problems and challanges are putting European politicians to the test. The present article investigates the main areas in which experts must act. One of the most visible of these areas is European regional policy. After analysing what regional policí has and has not achieved, and summarising the aims of the structural policy, the article describes the planned reforms and the outline of the new cohesion policy according to the Third Cohesion Report which appeared in February.