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The investigation of the world s historical regions shows that independently on the degree of development of productive forces and technologies, the successful development in various periods and localities was based on certain more or less similar organizatory principles. In the introductory parts, in the context of the life of historical regions and advanced results of social and economic sciences, there is offered an analysis of financial and legal aspects of development of these regions as well as the development of various historical forms of financial and legal regulation. Nowadays the main aim of creating various regional structures is just the support of the economic development of regions. In chapter two there is a specification of the main aspects of economic growth and development of regions. In the next chapter, using this financial and legal apparatus, an analysis is given about the genesis and phases of development of the region of the European Union where the main role is played by free trade, customs union, common market,economic and monetary union leading to political union.