In the context of crisis in Europe and of relative heyday in Latin America that was experienced at the beginning of this decade, we talk about the need for fiscal rules as a common formula to be implemented in these two worlds. It is needed here the role of this instrument and places it within the budgetary institutions, differentiates it from numerical restrictions regarding macroeconomic aggregates. It shows through empirical evidence, in 16 countries in the region, that its implementation is complementary and in line with the process of each country in the effort to strengthening budgetary institutions.