Italy is a full-fledged state of the European Union. Nonetheless, today it faces with the serious regional disparities, which represent a long-standing problem. They are the result of historical events within the economy, politics and cooperation with the European Union. The coverage of this problem is witnessed by the internationally known term of the poor South of Italy and the rich North. Concrete progress in the consistency and development of regional policy has been recorded from the beginning of the 21st century. Since then there are intensified numerous efforts to encourage the development of underdeveloped and transit regions of Italy. The European Structural and Investment Funds are an unprecedented stimulus to this process and there are concrete examples of practice emerge convincingly about their importance. The aim of the paper is to explore the meaning and importance of regional policy on the example of a chosen state. In addition, the aim is to address the specificities of Italy's regional policy and to point out the basic constraints, problems and possible solutions. The purpose of the work is to point to the importance of the European Union in stabilizing regional inequalities in the European Union and in strengthening its regional policy. The strategic interests of Italy from the beginning of 21st century are still valid. Nowadays Italy has a well-developed regional policy, which emphasizes the importance of developing underdeveloped and transitional regions. The Concept of Third Italy represents the conceptual design or a part of the overall strategy for balanced regional development. It is based on the average of cluster development through the strengthening and integration of SMEs. Some examples are still evident today, and their further development is expected in the future. A particular impetus is evidenced on the part of ESI funds.