| Abstract: | This paper makes an argument for the reshaping of the current design of the Spanish budgetary system, pivoting around its legal submission to the balanced-budget rule. Based on a political economy approach to budgeting within the present context of the European Monetary Union, it is argued that such a rule is sorely needed in order to make the traditional Spanish model compatible with the new institutional technology presently developing in the European Community which deals with fiscal policy. |
