Fiscal responsibility matters. But defining it narrowly as meeting deficit and debt targets can be self-defeating. Cutting spending in a weak economy reduces growth and investment, potentially leaving debt higher relative to GDP. A better approach looks at whether fiscal policy strengthens the economy’s capacity to grow, withstand shocks and meet its obligations over time. This is the focus of our first policy brief, Fiscal Rules and Long-Term Inclusive Growth, from the Global Council on New Economics for the 21st Century, which I co-chair with Vice-President of Spain @Carlos_Cuerpo, published at the @IMFNews and @WorldBankGroup Annual Meetings in Bangkok. Links to new council website and policy brief in replies.