Since 2004, the selection of each European Capital of Culture is based less on existing cultural infrastructure and heritage worth celebrating than on the potential for socio-economic development and cultural transformation. Thus the small southern Italian city of Matera, home to the extraordinary ancient Sassi cave dwellings, beat the almighty Venice to the 2019 designation. What the cities get out of it is a small amount of EU money, finance from their own governments and the chance to leverage sponsorships and partnerships in the name of culture and regeneration.

http://www.irishtimes.com/culture/what-is-the-point-of-the-european-capital-of-culture-1.2619679