In Promotion Thesis effectiveness of European Union Funds in Latvia and EU funds financial means connected with it, different aspects of its distribution and utilisation, tendencies and influencing factors of EU funds scope changes are studied and evaluated. EU funds implementation system, financing implementation is studied, including the entrepreneurship sphere. Existing theories on the effectiveness evaluation issues and methods that are used for effectiveness measurement and EU funds influence evaluation are explored and analysed. EU funds operation analysis and evaluation in Latvia till year 2010 has been carried out; new complete EU funds effectiveness evaluation system is developed. To increase the effectiveness of the EU funds performance in different EU funds operation stages the author offers elaborated Methods for distribution of EU funds, Theoretical principles of allocation, improved evaluation methods of entrepreneurship and other projects implemented with EU funds means, developed new project evaluation scheme, strategic planning methodical approach, as well as suggestions for EU funds implementation and programme improvement in entrepreneurship sphere, for regional development and EU funds effective performance in the recession period. Promotion Thesis is written in Latvian, it consists from the introduction, four parts, conclusions and suggestions. Total scope of the Thesis is 190 pages; there are 20 figures, 43 tables and 6 appendices. For the elaboration of the Promotion Thesis 151 information sources were used.