Keywords: Treaty on Stability Coordination and Governance; Italian Legal Order; Constitution; Financial Crisis; EMU.
The financial crisis generated several responses, both economic and legal. One such response was the Treaty on Stability, Coordination and Governance. This article examines the impact of the Treaty on the Italian legal order from a broad perspective. The discussion begins with an analysis of the cultural background, where the influence of the Economic and Monetary Union is also considered. The focus then shifts to broader issues of principle: the article argues that the impact of the EMU should not be considered in the light of preexisting national practices, first, because such practices have disregarded the limits set by the Constitution to the will of the majority and, second, because they have accentuated the differences between the principles governing public finances in Italy and those common to the principal liberal democracies of Europe. The article concludes by reflecting on the persisting inadequacies that characterize the national measures aimed at implementing the new Treaty.