THE FINANCIAL ENGINEERING INSTRUMENTS ANALYSIS AS SUPPORT OF COHESION AND INNOVATION POLICY OF THE EUROPEAN UNION

The paper focuses on the analysis of so called financial engineering instruments created to support the implementation of the European Union Cohesion Policy goals in the 2007 - 13 programming period and the Lisbon Strategy goals to support innovation and competitiveness policy. These initiatives created by the European Commission in cooperation with European financial institutions participated in financing urban agglomeration development and in support of small and medium sized entrepreneurs and microenterprises in cohesion regions. The objective of the presented paper will be the analysis of financial engineering instruments which in the 2007-2013 period supplemented the standard instruments of the European Union Cohesion Policy in order to increase its efficiency. Individual initiatives will be methodologically analysed in the order as they formed historically and under several factors, which include institutional and legal basis of the initiative, orientation and subjects of support, the form of help and financial products used, and their organisational provision. The analysis aims at individual financial initiatives including a brief evaluation of the amount of support provided from these initiatives within the European Union Cohesion Policy.