Article IX: Fiscal Responsibility and Economic Policy
Inspired by the Norwegian Constitution’s emphasis on fiscal responsibility and Singapore's success in maintaining a balanced budget, this article aims to set forth guidelines for sustainable economic management.
Section 1: Budget and Expenditure
1.1 The Central Government shall submit an annual budget to the legislative body, outlining revenue and expenditure plans.
1.2 The budget must aim for a balance between revenue and expenditure, except in cases of emergency or significant economic downturn.
Section 2: Public Debt
2.1 The government shall avoid accumulating public debt that jeopardizes the economic stability of the Republic.
2.2 Any decision to raise public debt must be approved by a majority of the legislative body and shall be for specific, planned purposes.
Section 3: Social Welfare and Safety Nets
3.1 Economic policy shall be geared towards the welfare of all citizens, including provisions for healthcare, education, and social security.
3.2 Adequate safety nets must be established to protect citizens from extreme poverty and financial distress.
Section 4: Regulatory Oversight
4.1 A system of regulatory agencies shall be established to oversee sectors such as finance, healthcare, and natural resources.
4.2 These agencies shall operate independently but under the oversight of the legislative body.
Section 5: Economic Incentives and Innovation
5.1 The government shall create incentives for entrepreneurship, innovation, and scientific research.
5.2 Public-private partnerships are encouraged for economic development, provided they align with public interest and ethical standards.