European local authorities have been particularly stricken by the current context of decline and cutback management, and represent an ideal place where to study how governments respond to shocks affecting their financial conditions and management. Along these lines, this paper adopt the perspective of financial resilience for looking at the current context of austerity, and related responses, by shedding new lights on the role of internal capacities and conditions in influencing such responses and, ultimately, performance. Through a multiple case study analysis based on 12 European local authorities in Austria, Italy and England, the paper identifies the main shocks perceived by local management, the related short-term and long-term responses, highlighting the dynamics of financial vulnerabilty, awareness, anticipatory capacity, flexibility and recovery ability (ie, financial resilience) in its interaction with the external context and shocks. From the analysis, four patterns of resilience emerge: pro-active resilience, adaptive resilience, passive/fatalist resilience, complacent resilience
