The major tools for regional development are paramount for the development of any region. However, these tools and policies are faced with various problems. The study aims at identifying the main regional development policy problems and tools as well as to suggest ways of curbing these problems in European Union regions more specifically Germany, Austria, Slovakia, Finland, France, Hungary, Netherland, Poland and the Czech Republic. The study examined the relationship between four indicators of regional development policy in each selected regions, to discover the effect of disparity on quality of life and to recommend tools that could be used in solving the problems of regional development policy. Secondary data from the Organization for Economic Co-operation and Development (OECD) on Regional disparity, Entrepreneurship, Innovation and quality of life indicators pertinent to the selected Regions were used for the analysis. Data used for the analysis was from the years 2008, 2012 and 2016 with a for year lag period. Correlation and comparative analysis were used in this research thesis. The study found that there is a disjoint and lack of policy coordination among existing regional bodies in executing regional policies. The thesis also found that there is a significant relationship between the Regional disparity, Entrepreneurship, Innovation and Quality of life indicators in the selected micro Regions. Furthermore, Across the selected micro-regions, the higher the disparities, the lower the quality of life and the lower the disparity, the better the quality of life hence regional disparity indicators poses a significant effect on the quality of life.