This study offers a critical analysis of the impacts of EU Cohesion policy financial instruments to the development of Epirus Region, Thesprotia Regional Unit and Souli Municipality. The analysis covers the period 1986-2013; yet, it emphasizes in the last two programming periods of the Structural and Cohesion Funds, i.e. 2000-2006 and 2007-2013. Through the use of macroeconomic indicators, the paper provides some useful insights into the experience gained so far regarding the effectiveness, the strengths and weaknesses of those interventions. Finally, it presents a proposal that could help designing a programme for the Worth-living Integrated Development of the Municipality of Souli.