The emphasis on culture as an important economic factor in regional development is increasing (EU 2006). Large scale cultural events are often seen as a catalyst for the development of the cultural economy in a city or region. The literature on the impact of mega events generally and of European Capital of Culture (ECC) specifically has expanded lately. The dominant themes have been the economical benefits (or the overestimation of economical benefits) of the event; the event’s impact on the cultural identity of the residence in the city or region; the event’s impact on a city’s competitive advantage in relation to the attention of important stakeholders; and the event’s impact on regional development and urban regeneration.