The current economic situation at national and international level highlight the need to identify the adequate economic measures, capable to bring savings on an increasing trend and restore public balance, creating thus the prerequisites for a sustainable economic development in the medium-term. This conduct to many debates in academic and political environment in order to solve the dilemma regarding the policy mix able to lead to these major objectives. This dilemma is given not only by the many intervention instruments, and also by the effects that can be generated by each of them. But the economic conditions put a lot of pressure on fiscal and budgetary policy in order to avoid an irresponsible behavior of the governments and to reduce the vulnerability of the economy generated by the accumulation of fiscal and macro-financial risks. Therefore, it is useful to investigate the current challenges of fiscal and budgetary policies at the European level and for some of the European Union member states to see who the governments activate in the economy in order to respond properly to those instigations. This also represents the paper aim. The investigation highlights the development of the fiscal rules and of the indicators capable to reflect the risk exposure