National fiscal rules: See Irisheconomy.ie

"Capitalism means free enterprise, sovereignty of the consumers in economic matters, and sovereignty of the voters in political matters. Socialism means full government control of every sphere of the individual's life and the unrestricted supremacy of the government in its capacity as central board of production management."

Ludwig von Mises (1881-1973)

When we borrow we take from the future all growth and bring it into the now. If we do it too much, we crowd out sense and the investments we make are bad in that they may return less than was borrowed. So we must find new investments to make up the loss and create more growth. When we cannot, it is a depression and we must pay off the interest and the loss out of a period of no growth or even contraction.
When borrowing happens too widely it can artificially inflate costs of investments such that no return is possible, even if the investment would have had a high rate of return. Our children have to pay too as their needs are subordinated to those of the debt. Even if fiat currency is printed to large amounts it will not suffice as there is no longer any velocity of money and it is unused or causes inflation. The wealth of the nation reduces as the traders increase their demands for devalued fiat currency. Those who lent to the government trusting that they would be repaid, find that their savings disappear as the value is lost to inflation. Hence the further destruction of capital caused by borrowing too much. Do not lend to the borrowers, it only encourages them! They will repay in full, but with money in the future which will be worth maybe half of what was lent! Capital tries to seek an investment but finds only those things that cannot be destroyed by the socialist government. Gold, silver and commodities.

National fiscal rules therefore should prohibit private and public borrowing as a proportion of the GNP, for Ireland. What perecentage? What degree of increase, if any? Only if a worthwhile investment is available! Who judges that? This will not get off the ground while banking and "OPM investment" exist as a means of stealing from the feeble. Too much to be lost!