Resumen de New Rules to Secure Fiscal Sustainability in the European Monetary Union

Francisco Cabrillo, Rocío Albert López-Ibor

• In this article, after a brief introduction to the evolution and enforcement problems of the fiscal rules set up so far to achieve stability and growth of the Euro area, new fiscal rules are proposed to avoid the successive breaches of the current ones. We argue that the adoption of clear and detailed new rules would be more efficient than mere standards. These new fiscal rules are complemented by a reference to what the functions of the European Central Bank should be, returning to its original purpose. Finally, we suggest an organisational structure and the role that independent fiscal authorities should play to guarantee compliance with the new rules.