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The European Union is now approaching the 20th anniversary of the reform of Structural Funds agreed in 1988. In three programme periods (1989–1993, 1994–1999 and 2000–2006), the EU has spent some €550 billion on promoting convergence and regional development at European and national levels, particularly in the EU15 Cohesion countries. A further €308 billion (2004 prices) is programmed for the 2007–2013 period, with an increasing share going to the new Member States.