so Italy is generally credited as #2 behind Spain with that as the tie-breaker. They've certainly put more teams in the Finals than has England. But given the state of the two leagues, the EPL will probably pass Serie A soon, at least in terms of champions.

http://en.m.wikipedia.org/wiki/List_of_European_Cup_and_UEFA_Champions_League_finals

Then again, the rise of the EPL in the last 10+ years has been fueled largely by petrodollars from Russia and the Middle East into key clubs. As oil prices have risen, these clubs have gotten richer. It will be interesting to see what happens to these clubs now that oil prices are tanking.