Local Innovations for Growth in Central and Eastern Europe

image of Local Innovations for Growth in Central and Eastern Europe

Local development strategies represent an important response to the challenges of globalisation, while providing a mechanism for seizing the new opportunities that globalisation offers. Nearly two decades after the fall of the Berlin wall, this book evaluates progress made and identifies what needs to be done to speed up the drive towards prosperity in Central and Eastern Europe. It demonstrates that the success of local development strategies depends on the capacity of the government and its partners to accelerate change within the policy and governance aspects of economic and social development.



Fostering Local Development in Bulgaria: The Need of Fiscal Decentralisation

Although local authorities in Bulgaria have been assigned various responsibilities over the past 15 years, state transfer flows toward municipal budgets have not increased in the same proportion. Only a degree of local financial independence and fiscal decentralisation can contribute to the development of a favourable investment climate and foster sustainable development. A gradual delegation of taxation power to local authorities as well as the development and adoption of a stable legal framework for the principles and mechanisms of the intergovernmental transfer system would contribute to greater financial independence of municipalities.


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