The Efficiency Of Legal Norms Regarding The Fiscal Surveillance And Prudence. Constitutional Challenges For Romania

Without any doubt, the biggest challenge of the last decade for the international community had been the economic crisis which emerged in 2008 and generated a set of effects still felt by the states today. Although the European Union had rules designed to maintain a balanced public debt and deficit, they proved inefficient and easy to avoid. Therefore, when the crisis debalanced the world economy, the EU member states found themselves with a set of rules which failed to secure the recovery of their economies. Under this circumstance, the European Union developed a new agreement regarding the fiscal governance, having as main purpose the maintenance of a fiscal balance by ensuring a public debt no higher than 60% of the Gross Domestic Product (GDP) and a public deficit no higher than 3% of the national GDP. Considering the length and the complexity of the European crisis, the European Union recommended for the states to establish these limits which should assure not just the fiscal balance, but the equilibrium of the entire economy in their constitutions in order to give much more power to these European rules. Analyzing this context, is Romania, as member of the European Union, able to provide an efficient constitutional framework for the limitations of the public debt and deficit determined by the EU? This is a question which remains to receive an answer in the following paper.