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Europe Live Saturday 25th May 2013

Adoption of the "golden budgetary rule" in the Constitution

23rd April 2012

On 17th April, on last reading, the Italian Senate adopted the draft law planning for the inclusion of the golden rule into the Constitution. The draft was adopted by 235 Senators, 11 voted against and there were 24 abstentions. This "golden rule" will guarantee Italy's respect of budgetary balance that should be reached in 2013 thanks to a new austerity plan introduced by Mario Monti's government; it will prohibit the use of debt to fund the deficit, whilst Italy is already weighed down under a massive debt representing around 120% of the GDP.

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