The paper addresses two research questions: first, what factors explain the continuity of the Cohesion Policy (CP); and second, to what extent such policy has contributed to reducing territorial disparities across the EU and to achieve other objectives. The article advances some hypotheses, and the analysis highlights the core pillars of the CP: its ‘philosophy’, evolving objectives, financial resources, and institutional architecture. It further evaluates outcomes in some key areas: convergence trends, infrastructure investment, human capital formation, and support for SMEs.  The findings suggest that while CP has contributed to reducing territorial disparities and other positive achievements linked to the European economic and welfare growth, its effectiveness varies across regions, and some policy domains face persistent challenges such as effectiveness, bureaucratization, and regional/sectoral policy conflicts which give support to important criticisms.