Chapter 16: Budget, finance and central banks
This chapter summarizes current constitutional design regarding constitutional budget, finance and central banks clauses. It is based on the review of national constitutions and seeks to establish a common ground for writing and amending constitutions. It reviews the financial constitution including the steps of the budget process, such as the introduction, the approval as well as the amendment of the budget, and resolving a budget deadlock. It further looks at composition and independence of the control chamber, tax clauses and the limitation of public debt. Finally it sets out the six core characteristics of a central bank and a full assessment of the appointment, independence, and function of a central bank board. This chapter forms part of Vol. I of Writing Constitutions.