Abstract:

The purpose of this article is to review characteristics of a new instrument of the EU Cohesion Strategy, namely the Integrated Territorial Investments (ITIs). This instrument fosters the inclusion of local governments in the implementation of capital intensive and technically complex infrastructure projects. It facilitates the effective use of supplies by municipalities and their functional areas while carrying out investment projects jointly, which can make a crucial difference at a time of an economic crisis. The present article aims to identify circumstances affecting the execution of Integrated Territorial Investments, of which the most important are legal, financial, strategic, fiscal and macroeconomic issues. The research results suggests that all of these facets must be taken into account during the implementation of an ITI so as to facilitate the efficient implementation of investment projects.