[1][2] The act was introduced by President Mikheil Saakashvili in September 2009, as a way of enacting principles based on the Rose Revolution.

[3] The Parliament of Georgia passed The Economic Liberty Act (ELA) in December 2011.

Unlike the initial draft, the final act (a constitutional amendment) contained a reservation which states that a separate Organic Law should define those cases in which the government will still be able to increase taxes without calling a referendum.

[5][6] The act restricted the government from making changes to major economic policy without a popular referendum.

Some of these rules were known as the Maastricht criteria, enshrined in the EU Stability and Growth Pact and facilitating the smooth transition to the Eurozone.