Structurally Balanced Budget, Keynesianism and the Monetary Union
Are you already subscribed?
Login to check
whether this content is already included on your personal or institutional subscription.
Abstract
The essay argues that art. 81 of the Italian Constitution, which was modified by the constitutional reform of 2012, has five principal characteristics: 1) it contains a typical balanced budget rule, which introduces procedural and numerical constraints to fiscal policy choices; 2) it is a new rule, undoubtedly different from those that were contained in the old text of art. 81; 3) it does not impede fiscal choices producing pro-cyclical effects; 4) it is an application of the rules rather than discretion approach which signals a preference for antikeynesian economics; 5) it is not a rule typical of democratic constitutionalism, as it rather relates to a form of neo-liberal constitutionalism.
Keywords
- Fiscal Rules
- Keynesianism
- European Economic Governance
- Counter-Limitations