Europe's fiscal framework enters the next quarter-century with high debt, rising spending needs, and a less favourable interest rate-growth differential than at any previous test. In this paper for CEPR's Europe 2050 series, Antonio Fatàs (INSEAD and CEPR) argues that the framework's principles are largely sound and the 2024 reform's shift from rigid numerical targets toward country-specific debt-sustainability analysis was the right move. What remains unresolved is execution. Credible execution requires better macroeconomic analysis, stronger independent fiscal councils at the national level, and a more authoritative European Fiscal Board.  […]