Fiscal policy has an important role to play to incentivise the achievement of longer-term objectives. In particular, establishing a framework which ensures that excess tax revenue over and above that needed to fund sustainable growth in core expenditure is saved into the rainy-day fund. In fact, I would support re-framing such a fund explicitly as a ’resilience fund’.
In the past decades, an impressing number of policy measures and initiatives have been made on the European and the international level to govern issues of financial market stability and - in a broader context - of economic policy.