Albania, Romania and North Macedonia have a degree of effective governance including the ability for citizens to petition the government and relatively free markets. The primary risk for investors in all of these countries is government regulation. While most of these countries have a favorable taxation system – with the notable exception of Albania – they all lack licensed and regulated professional services. Regulations across the spectrum are likely to conflict and the governments lack the resources and will to enforce most regulations. They also lack efficient capital markets so that capital can grow and be reallocated.