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The credibility of the rules and the elements of power constitute fundamental keys in the analysis of the political institutions. This paper opens the "black box" of the European Union institutions and analyses the problem of credibility in the commitment of the Stability and Growth Pact (SGP). This Pact (SGP) constituted a formal rule that tried to enforce budgetary discipline on the European States. Compliance with this contract could be ensured by the existence of "third party enforcement"doi:10.1590/s0101-31572006000300007 fatcat:hgm5b62hafcxtp2w3r6mhv4oge