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from I - The Role of Constitutions in Dealing with Crises
Published online by Cambridge University Press: 08 June 2019
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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