Abstract

The fiscal rules applied to local authorities in recent years, including the balanced budget, have caused a dramatic contraction in local public investments. The regional agreements, following the territorial solidarity agreements, allow the exchange of financial spaces, mainly in the regional territory, in order to re-launch local spending for investments and avoid overshooting. The analysis of the first year of application of the regional agreements revealed the different regional governance systems and the changing priorities in the choice of use of the financial spaces made available. Despite the exceed of the balanced budget, only the necessary involvement of the regions in the coordination of local finance will make it possible to achieve the ambitious investment targets.