This publication represents a collection of policy papers developed by associations of local authorities of South East Europe in preparation for the international conference “The Future of Fiscal Decentralisation in South Eastern Europe” organized by NALAS in Budva, Montenegro on 1-2 November 2012. It also contains the speech of the President of NALAS as well as the “Budva Declaration for the Future of Fiscal Decentralisation in South East Europe” adopted at this Conference. More information on the conference are available at http://nalas.eu/knowledge-center/Task-Forces/Fiscal-Decentralization. These products were developed with the support of the World Bank Institute – Austria Urban Partnership Program.