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European Union policy on regional aid has always exhibited a concern for the possibility of bidding wars for mobile investment, but it is only since 1998 that the EU has had comprehensive rules designed to address investment incentives. The Multisectoral Framework on Regional Aid for Large Investment Projects, now incorporated into the Regional Aid Guidelines, provides for reduced aid maxima for projects over �50 million. This paper shows that the Multisectoral Framework has largely accomplished its goals: aid award levels have fallen significantly since the reform of the Framework in 2002, and in comparison with the unregulated location tournaments of the US, aid packages are smaller in the EU. In fact, in 2010�2011, there were only three aid awards of $100 million or more in the EU, versus 21 in the US.
