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In recent years, European regional policy has seen a surprising popularity of macro-regional strategies. We focus on the example of the Alpine strategy EUSALP and discuss which potential comes along with its underlying regionalization logics. We argue, firstly, that the still young regionalization process of the EUSALP neither follows the understanding of a homogenous nor that of a functional space in the classical understanding. Instead, the EUSALP addresses pre- and inner-alpine areas that are politically interlinked. This pattern we label as ‘interrelational spaces’. Secondly, we discuss if the interrelations cover the concept of ‘common challenges’ that the official political documents put in the forefront. We reflect to what extent the macro-regional strategy can respond to these challenges from a spatial perspective. In doing so, we refer to two Alpine case studies - transport policy (Brenner) and eco-system services (Po River catchment area). We conclude that the large perimeter and the governance setting bear the potential to address key challenges of the Alpine region. However, the weak instrumental toolbox leaves us sceptical if the EUSALP is capable to make a real difference in the end. [ABSTRACT FROM AUTHOR]