Policy decision makers and their advisers working in regional development have been seriously challenged by the current crisis. Not only because of the need to do more with less in the face of a severe fiscal squeeze. They have also been questioned by both society and academia on their achievements in terms of the resilience they were able to provide to regional economies. Has regional policy helped in promoting towards a more diversified and knowledge-based economy? Or has it contributed only to “buy time” and slow down the necessary process of adjustment in tackling globalisation and external shocks of all kinds, from financial infection and rising oil and food prices to climate change pressures?