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Oh you mean the "golden rule" of Sarkozy which was designed to be an election gimmick. How brave of them. Oddly, the US Democrats just defeated a similar rule without needing to be in opposition. Perhaps the difference is that neither France nor the US at the time were truly worried about bond markets and did not need to go as far as Spain:

. http://www.ft.com/cms/s/0/074c8362-d55f-11e0-bd7e-00144feab49a.html#ixzz1eMtHqIfg

Others, however, regard the amendment as an empty gesture, since it allows for debt and deficit limits to be exceeded in times of economic recession or emergency situations that threaten "the financial situation or the economic or social sustainability of the state"

by rootless2 on Mon Nov 21st, 2011 at 02:06:26 PM EST
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