The internal resource-based development of peripheral regions – which are still to be defined precisely and accepted universally – is a constant challenge for the European Union and the Member States, which is difficult to address in the form of a schematic recipe. An important aspect of this complex issue is the existence and success of local governance, which, based on its own internal characteristics alone, can mobilise a community, without which the chances of making further progress are bleak. Governance and the issue of peripheral regions together, at least at the EU level, are reflected in the EU’s development policy. This paper, based on the analysis of EU documents and the Hungarian local and regional experience, aims to investigate whether the European Union is able to assist peripheral regions to catch up, and if so, in what form and through what mechanisms, and what conditions and requirements-related to governance – may be necessary for successful catching up, which may at the same time lead to the success or failure of EU objectives.