The Minister for Finance has published the Fiscal Responsibility Bill 2012.
The legislation, when enacted, will implement the key provisions of the fiscal treaty, which was accepted in a referendum at the end of May.
The bill also provides for the establishment of the Irish Fiscal Advisory Council on a statutory basis.
Michael Noonan said that the fiscal treaty rules are "sensible and prudent and represent a responsible approach to budgeting."
The bill, when law, will provide for the implementation of Articles 3 and 4 of the fiscal treaty.
The other articles of the treaty are binding obligations under international law and are not required to be reflected in national law.