You have to hand it to the Germans – they amended their Constitution in recent times requiring:
(1) The structural deficit of the German Federation to be limited to 0.35% of GDP
(2) Structurally balanced budgets for the regions.
It the current deficit exceed 0.35% in any given year this will have to be compensated for by reductions of net borrowings in the following years. 2 exceptions apply – natural disasters & “extraordinary emergencies”.
The intention is to have the entire country fully transitioned to this model by 2019.
And the most amazing thing of all? It appears to have had broad political support…
Can you imagine any government in partisan Ireland having the foresight to propose and support a constitutional amendment of this nature?
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