Book contents
- Constitutions in Times of Financial Crisis
- Constitutions in Times of Financial Crisis
- Copyright page
- Contents
- Contributors
- Foreword
- I The Role of Constitutions in Dealing with Crises
- 1 Introduction: Liberal Constitutions During Financial Crises
- 2 Financial Emergencies
- 3 Rule-of-Law Objections to the Lender of Last Resort
- 4 Balanced Budget Provisions in Constitutions
- 5 Legislatures and Constitutions in Times of Severe Financial Crisis
- II Courts and Crises
- III Supranational Governance and Crisis
- IV Implementing Austerity
- V The Effect of Crises on Constitutions
- Index
4 - Balanced Budget Provisions in Constitutions
from I - The Role of Constitutions in Dealing with Crises
Published online by Cambridge University Press: 08 June 2019
- Constitutions in Times of Financial Crisis
- Constitutions in Times of Financial Crisis
- Copyright page
- Contents
- Contributors
- Foreword
- I The Role of Constitutions in Dealing with Crises
- 1 Introduction: Liberal Constitutions During Financial Crises
- 2 Financial Emergencies
- 3 Rule-of-Law Objections to the Lender of Last Resort
- 4 Balanced Budget Provisions in Constitutions
- 5 Legislatures and Constitutions in Times of Severe Financial Crisis
- II Courts and Crises
- III Supranational Governance and Crisis
- IV Implementing Austerity
- V The Effect of Crises on Constitutions
- Index
Summary
In the wake of the financial crises of 2008–09, liberal democracies passed a wave of constitutional amendments to require that revenues be brought in line with spending. Most notably, in 2012 the vast majority of the EU member states adopted the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (the “EU Fiscal Compact”) that introduced the so-called “Golden Rule,” also explicitly suggesting (for the first time) that Member states should incorporate the balanced budget rule within their national constitutions (Adams, Fabbrini, and LaRouche 2014). 1 This seemingly pro-cyclical response drew plenty of criticism among scholars, even as others celebrated it as a necessary bit of austerity and discipline.
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- Constitutions in Times of Financial Crisis , pp. 58 - 70Publisher: Cambridge University PressPrint publication year: 2019
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