free spirit
more tea vicar?
Actually it looks like the European Commission have updated their internal guidelines to basically overcome the issue of counter cyclical austerity being imposed because of strict adherence to the fiscal limits of the stability and growth pact, so it may even not need a treaty change for the EU to dump austerity as a reaction to budget deficits in times of deep recession. It's not quite keynesian, but it's a lot closer to it than the interpretation used when destroying the economies of Greece, Spain, Ireland, Portugal in recent years.
http://ec.europa.eu/economy_finance...mmunication_sgp_flexibility_guidelines_en.pdf
In particular, Article 3 states that “[…] In the case of a severe economic downturn in the euro area or in the Union as a whole, the Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) TFEU provided that this does not endanger fiscal sustainability in the medium term.”
Summary in the case of severe economic downturn The Commission considers that the provisions of the Pact addressing a severe economic downturn in the euro area or in the EU as a whole should be used when necessary.
In exceptionally bad times, interpreted as an output gap below -4 % or when real GDP contracts, all Member States, irrespective of their debt levels, would be temporarily exempted from making any fiscal effort.
http://ec.europa.eu/economy_finance...mmunication_sgp_flexibility_guidelines_en.pdf