This chapter provides an introduction to European Union (EU) regional policy, its role in promoting a more integrated Single European Market and on developing infrastructure to promote competitiveness, particularly for small and medium-sized enterprises. One of the remarkable features of the EU has been its decision that member states distribute resources across national boundaries, from the wealthier nations to the poorer. Hence, the conceptual framework for the implementation of the new regional agenda is fundamentally different from that which has been adopted in previous funding periods. All the hope and expectation of the 2007–13 financial period was dashed by the impact of the global financial crisis. Ironically, the strong emphasis on sciences, research and innovation can be counter-productive to the wider agenda around regional policy. The chapter concludes with an outline of the current emphasis on public-private partnerships to promote innovation.