Considerable progress has been made by Latin America’s biggest economies in putting their finances in order, but numerous challenges remain. Public spending needs to incorporate more flexibility, aging populations and social demands threaten future pressures on expenditure, and social and infrastructure spending need to be more cost-effective. At the same time, tax bases need to broaden, and overall tax administration must be improved. Finally and foremost, the fiscal authorities need to keep public debt at sustainable levels, paving the way for faster, more resilient growth. This volume discusses progress made to date in Argentina, Brazil, Chile, and Mexico, and points out the road ahead. It provides an overview of trends and highlights the diversity of fiscal adjustment processes in Latin American countries. It also describes the financial market perspective and role of sovereign debt ratings.