Serbia and Kosovo have initiated a process of territorial exchange that could have serious repercussions, both in the Western Balkans and internationally. Historically speaking, territorial exchanges have a mixed record. In some instances, these projects have inaugurated periods of protracted cooperation and reconciliation. However, on a number of occasions, such agreements have had devastating consequences and have led to carnage, violence, and ethnic cleansing. Whereas Serbia and Kosovo have the sovereign and democratic right to engage in a genuine dialogue and decide on adjustments to their borders, it is important for the international community to pay close attention to the dynamics of the process and to consider the stability and security of the wider region should this project materialize.