Title: The new European budgetary order
Description: The Sovereign debt crisis pushed the EU to take a new step to the common financial rules. After some years of soft budgetary carefreeness, the European Budgetary Treaty boosted the movement of budgetary convergence in the EU. The Six Pack and the Two Pack consolidated the effectiveness of a new European budgetary order founded by the Maastricht Treaty and the Stability and Growth Pact. Even if mechanisms adopted by the Member States are formally different in law, conditions of European budgetary orthodoxy have been definitively hardened. This new rigor has a great impact on all the public administrations, as defined by the European Accounts System and Eurostat. The EU is a key-player of the budgetary game. This great power makes the EU accountable to the general economic situation within Europe and amongst all Member States. Budgetary regulation must be conciliated with preservation of some investment means to develop potential growth on the continent. Giant in law, the EU has to be responsible from an economic point of view.
Subjects: Budget, Public Finance, Law and legislation, EU/EC budget
Places: European Union countries