On 22nd November 2012, the French Parliament finally adopted the organic draft bill (Projet de Loi Organique) on the "budgetary golden rule".
As on first reading, this draft that confirms the "golden rule" in the balance of public finances as planned for by the European budgetary treaty was approved by 320 votes in support, 22 against.
The organic law allows the laws governing the multi-annual programming of public finances to implement this rule, which anticipates a "structural" budgetary deficit limited to 0.5 per cent of the GDP as quickly as possible.
The Golden Rule law (in French)
© French Senate/Parliament
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