The violent disintegration of Yugoslavia has fundamentally shaken the Balkans. The disappearance of the Yugoslav federation - previously a pillar of stability in the region - and the quest for external allies amongst the protagonists in the present conflict have dramatically modified the regional framework. This structure itself had already undergone profound change due to the collapse of the pre-existing communist regimes. In this paper Radovan Vukadinovic examines the regional actors by analysing their fears, their short and long term interests and the development of their external relations. In the last part of the paper he attempts to provide a sketch of a new balance of power in a still blurred political landscape. He points out the defects of a model too rigidly based on the past: that of a Mittel European, "Catholic" alliance, in opposition to an "Orthodox" one. Instead the author detects two smaller coalitions emerging: on the one hand that of Greece, Rumania and Serbia and on the other, that of Turkey, Bulgaria and Albania.