The economic cooperation between the EU and EFTA states constitutes a special cooperation form in several ways: the actors of cooperation (economic integrations and their Member States), the legal and institutional framework and the budgetary relations also have unique features. In our study the rules and changes of the EEA and Norwegian Financial Mechanism, as well as the Swiss Contribution are analyzed from aspect of integration theories and financial law. In the framework of historical analysis and comparative method the financial instruments of EFTA states are compared with the EU Cohesion and Structural Funds with the help of evaluating statistical data.