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Maurizia Pierri

The chapter addresses the issue of the relevance of the EU budget for the structural balances of Member States’ accounts. Having first outlined the key principles governing the European system, the chapter focuses on the golden rule of the balanced budget (principle of equilibrium). The regulatory framework of the budgets in the Eurozone countries is extremely complicated. The balanced budget rule is due to an international treaty (Fiscal Compact) that requires the implementation of the rule of the balanced budget into the countries’ legal systems (preferably at constitutional level). The possibility of including the rule of balanced budget even at sub constitutional level, the difference between nominal and structural balance and the ambiguous identification of justification causes for the violation of the stability standards determines a considerable difference in countries’ implementations and so a partial ineffectiveness of the so-called golden rule.