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The constitutional reform by which in 2011 Spain amended Article 135 of the Constitution is the topic of this article. By such an amendment the principle of financial and budgetary stability as well as a strict control over the budget of public administration and the devolved regional institutions (Comunidades Autonomas) has been introduced. All this amounts to severe limitations on the structural deficit. In fact, this reform has brought about a strengthening of the supervisory powers of the State over policies which the Constitution confers to the Comunidades Autonomas as well as clamping down on their financial autonomy. The thrust of the article is to show how, in time of crisis, the “financial constitution” changes its structure to adapt to the inputs coming from European rules and the financial markets.

Límites del principio de estabilidad presupuestaria respecto de la autonomía financiera de las Comunidades Autónomas españolas