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This article reflects on the European Commission’s proposal to reform the European fiscal rules, as illustrated in its communication of November 9th, 2022 (COM(2022) 583 final), then incorporated into the legislative measures proposed in April 2023 . Based on a long process of reflection accompanied by public debate, the reform proposal attempts to address the shortcomings of the current system of fiscal rules, in particular the restrictive bias, the opacity of benchmark indicators and the lack of full national ownership in fiscal action. Starting from the dual perspective of governance and macroeconomic analysis of the relations between fiscal magnitudes and economic growth, the paper investigates both the elements of discontinuity contained in the Commission's proposal and its potential critical issues.