Constitutional balanced budget clauses: past, present… and future?

Ten years ago, the Euro-crisis had deep consequences on the economies and quality of life. The crisis also had an impact on the constitutional texts of several countries in the EU through the incorporation of different kinds of constitutional balanced budget clauses and other budgetary constraints. This trend is not new; before the European experience, most states in the US had similar clauses in their constitutions. Now, this has extended beyond Europe to several countries which have amended their constitutions in line with this trend.
The paper will briefly describe the current debate regarding these clauses, focusing on the experiences of Germany, Spain, Colombia, and Brazil. Then, it’ll analyze the efficacy as well as the positive and negative aspects of this constitutional trend. Finally, it’ll conclude that these reforms have some risks if they are not accompanied by the establishment of rules and institutions necessary to maintain a healthy fiscal policy.