Macroeconomic policies would be conducted on the basis of countercyclical rules.12 These could entail fiscal targets that would be independent of short-term fluctuations in economic growth (so-called structural budget rules) as well as commodity stabilization funds. Such rules have been effectively applied by Chile over the past two decades. The effective management of this counter-cyclical policy stance has been one ingredient in the much stronger growth performance and macroeconomic stability of Chile compared with other Latin American countries (Fiess, 2002, Ffrench-Davis, 2006).