The balanced budget is now a principle included in the Italian Constitution. The Senate has definitively approved the modification of article 81 of our Charter: the new formulation provides that the State "ensures the balance between the income and expenditure of the own balance sheet, taking into account adverse phases and phases favorable to the economic cycle. The use of debt is allowed only in order to consider the effects of the economic cycle and, subject to the authorization of the Chambers adopted by an absolute majority of the respective members, upon the occurrence of exceptional events".
It is also planned the establishment in the Chambers of an independent body with tasks of analysis and verification of financial trends public policy and fulfillment of budgetary rules, while the Regulations of the Chambers, the discipline of the parliamentary function of control over public finance.
The introduction in the Constitution of the principle of the balance of budget not only responds to financial needs, but yes also sets the goal of including Italy in the path of a more full European integration, adhering to the principles of balance of budgets and public debt sustainability.
Just today in the Senate, the Foreign Affairs Committee began examining the law ratifying the treaty on the stability, coordination and governance of the economic and monetary union, the so-called "Fiscal compact": the new article 81 of our Constitution moves in path traced by the Treaty.
The Prime Minister, Mario Monti, presented himself surprisingly in the Chamber to vote. At his entrance he was greeted by applause and some booing from the opposition benches.
