Local Governments of South East Europe Respond to Global Economic Crisis
NALAS members, executives of local government associations, distinguished experts in macroeconomics and Mayors from the South East Europe discussed the possible consequences of the global economic crisis on the local governments in SEE in November 2008. It was initially assessed that the spill-over effects of the global crisis are not yet strongly felt by most of the local governments in SEE. While the countries with more developed economies are already in recession, other economies might also be dragged in through reduced Foreign Direct Investments, liquidation of local assets, weaker net exports, lower remittances, exchange rates, decline of property value, etc. The discussion led to recommendations given in this policy brief.