The MEMOTEF department was formed by the aggregation of the Department of Mathematics for Economic, Financial and Insurance Decisions with the Department of Geoeconomic, Linguistic, Statistical and Historical Studies for Regional Analysis, thus consolidating and institutionalizing a well-established collaboration between the researchers of the two departments.

The Department of Mathematics for Economic, Financial and Insurance decisions developed out of the Institute of Financial Mathematics which included among its staff professors of international, scientific standing who participated in the foundation of a school of financial and actuarial mathematics in Rome. This led to the introduction of new fields of research, namely Probability Calculus and Risk Theory with the important work of Bruno de Finetti, Francesco Paolo Cantelli, Giuseppe Ottaviani and Dario Fürst.

The Department of Geoeconomic, Linguistic, Statistical and Historical Studies for Regional Analysis was created in 1983 as an interdisciplinary project for regional analysis, in which economic scholars, especially in the fields of geography and history, and quantitative scholars, statistics and demography, joined forces with their diversified but related approaches of methodology and content. Economic and social phenomena which require a comparative analysis later led to the broadening of disciplines in the department when the European Foreign Language researchers entered the Department and have since made significant contributions to an understanding of the ethnic–cultural contexts of different countries. From its very beginnings a number of internationally recognized researchers have worked in the Department: Ferdinando Milone, Livio Livi, Amintore Fanfani, Antonio Amato, Pierpaolo Luzzatto Fegiz.

The aggregation of the two departments will allow a fruitful integration of knowledge, thus enhancing the quality of courses and broadening the explorative and analytical tools to be used in the fields of economics, finance and spatial analysis, including social and business aspects, thanks to the scientific and cultural affinity between the SECS-S/01, SECS-S/06, SECS-P/12 and M-GGR/02 disciplines.