Constitutions in Times of Financial Crisis

17th Oct 2024 by UName-456522

THE FINANCIAL CRISIS REVISITED AFTER A PERIOD OF FISCAL STABILITY An appreciation by Elizabeth Robson Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers, Reviews Editor, “The Barrister”, and Mediator One of the great benefits of the titles published by Cambridge University Press (CUP) is the broad range and diversity of the subject-matter under review. This excellent new publication took our immediate attention. The title is called “Constitutions in Times of Financial Crisis” and forms part of the CUP series on comparative constitutional law and policy. It has been edited by Tom Ginsburg, Mark D Rosen and George Vanberg and includes eighteen international contributions from experienced academics from law and politics. What the editors say is that many constitutions include provisions which are intended to limit the discretion of governments concerning economic policy. And in times of financial crises in 2007 and 2008, these provisions are often placed under pressure as a result of calls for exceptional responses to crisis situations. The foreword by Goncalo Saraiva Matias goes on to talk of the challenges at that time were faced not only by the countries that were directly affected by what happened but were also directly affected by the austerity measures which were needed, particularly in Europe. Matias also writes that Europe became what was effectively “a constitutional laboratory” because of the effect of the crisis on a variety of economies, specifically in the sovereign debt markets, on public finances, “and ultimately on the ability of governments to sustain the welfare state”. Taken such factors into account, we feel that this work is an excellent academic account for researchers. The three editors describe the book as an assessment of the ability of constitutional orders all over the world to cope with financial crises, and the demands for emergency powers that typically accompany them. Usefully, the editors have brought together a variety of perspectives from legal scholars, economists, and political scientists to offer a book which reviews “the long-run implications of financial crises for constitutional order.” It does so brilliantly in our opinion and this book deserves a second read in case we must prepare for further emergencies. In exploring the theoretical and practical problems raised by “the constitutionalization of economic policy during times of severe crisis”, this volume is well described as a showcase for an array of constitutional design options and the ways they channel governmental responses to emergency. Thank you to all concerned for such interesting observations. The hardback book was first published on 8th June 2019. It is also available as an ebook.

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