My interest in what the EU can do to promote well-being within its borders was ignited in the aftermath of the global financial crisis of 2007–12. Much of the public debate at the time focused on structural reforms, public spending and government liabilities, but there was strikingly little emphasis on Europeans’ standard of living. The effects of so severe an economic downturn were felt not only by the young, the poor and the low-skilled, to name just a few vulnerable groups, but also by wider segments of society. A number of leading political thinkers, economists and organizations urged us to recognize the importance of well-being in developed societies in publications such as The Stiglitz Report (2010); How's Life?, a biennial report by the OECD, which was first published in 2011; and the United Nations (UN) Sustainable Development Goal 3, ‘Ensure healthy lives and promote well-being for all at all ages’. In the light of the current economic downturn linked to the COVID-19 pandemic, it is even more important to think about how to alleviate the differences in well-being in European society.

It is possible that the enduring social impact of the 2007–12 crisis and the current downturn among the public-at-large will be limited to pessimism and uncertainty about the future, as well as growing frustration with national and European politicians. There may also be an opportunity, however, to recast the regional inequalities that deeply affect citizens’ lives and the unfair distribution of income, and also to rethink what the EU can do about these. Can EU regional development funding be allocated and deployed in a manner that supports many people's quest for suitable employment or a good education? Can it help to improve public health and enhance the skills of poor and otherwise disadvantaged people so they are able to command higher wages? Can it brighten young people's education and employment prospects? Will it be possible to use EU funding to promote a more just income distribution?

In the EU, achieving improved regional well-being, defined as enhanced distributive justice and strengthened individual capabilities, is a persistent policy challenge that, especially since 2000, it has sought to meet through social investment as part of its European Structural and Investment Funds.