I found the latest post to this blogue, by Pedro Pita Barros, most interesting, and I dare to take on his challenge and "say something".
Let me begin with my aprioris.
1. I consider Luis Amado one of the most intelligent and well prepared Portuguese politicians -- in fact, one of the very few.
2. I think that the only way out for the Euro to go on is for the Area to embark on some sort of fiscal federalism.
Hence my interpretation: Luís Amado is setting the stage for such a reform, as well as the Portuguese committment to it: a European fiscal federalism that may be accepted by Germany and the other relevant countries in the Area; only with fiscal rules would the big European countries accept it.
The European history seems to suggest that the "democratic way" is a receipt for failure, as regards economic reforms. Thus, I think that the way things seem to be going is the right one: politicians should cook everything carefully and have the Parliaments approving fiscal federalism (the problem here are constitucional laws... ok, I'm doing some wishfull thinking here)
Finally, let me stress that fiscal rules are of the outmost convenience for Portugal and the likes. If only we've had fiscal discipline imported, in the past, as we have imported monetary discipline...