Although the budget rules of the BEA did not prove flexible enough to endure in the face of budget surpluses, that is no longer an important problem. Reinstating both the discretionary caps as well as the PAYGO rules for revenue and mandatory spending programs - perhaps with some adjustments would be useful initial steps in restoring fiscal discipline.
1  BIS Review 100/2000  Among the many changes in global financial markets, developments in the euro area have been particularly striking. Recent trends in euro area financial markets The launch of the euro on 1 January 1999 was a historic event. Eleven national currencies were converted into one single currency overnight.