The constitutional reform and economic governance of the European Union

This article analyzes the reforms adopted by the EU and its Member States addressed at introducing and consolidating in their respective legal systems the basic principle of financial or budgetary balance, commonly known as the "golden rule "; that is to say, the requirement by which the whole of the public administration, at its different levels of government, must keep on a regular basis a situation of balanced budget or with surplus. In this line, this article analyzes firstly the precedents of this legal requirement in comparative constitutional law and then the amendments made by Germany, Spain and Italy on their constitutional texts, but also the frustrated constitutional reform initiated in France. And secondly, this article analyzes the reforms made in the economic governance of the EU by means of both politicalstrategic documents -which establish the general framework and the basic governing principles -and legal provisions which develop and implement them. In this respect, this article analyzes political-strategic documents such as the Stability and Growth Pact, Europe 2020, the Euro Plus Pact; and the legal provisions of Art. 126 of the TFEU and the excessive deficit procedure; the amendment of Art. 136 of the TFEU and the European Stability Mechanism; the set of six legal instruments commonly known as "The Six Pack ": and the new reinforcing set of two legal instruments -still under discussion - commonly known as "The Two Pack ". Finally, this article analyzes also the Treaty on Stability, Coordination and Governance in the Economic and Monetary Un ion, agreed outside the framework of the EU legal system, and the recent proposals adopted by European Council of June 28-29, 2012, concerning a new "Compact for Growth and Jobs"and the President of the European Council report "Towards a Genuine Economic and Monetary Union "