English game has some concerns though...
The new rules will be phased in over three years, and are designed to ensure that clubs balance their books, spend no more than they earn and operate within their financial means.
Other objectives include reducing the pressure on wages and transfer fees and ensuring that clubs settle liabilities promptly, with the aim being to protect the long-term viability of European football.
The English game's authorities have reacted largely positively to the announcement, though there are clear concerns that the new regualtions may prevent smaller clubs investing large sums in order to compete with big clubs.
"The Premier League and The FA are fully supportive of the principle of sustainability and of football clubs living within their means," a joint statement from the two bodies reads.
"The vast majority of what has been agreed by UEFA is in line with current domestic regulations and English football will respect any rules put in place for clubs competing in Europe.
"We recognise the difficult task undertaken by UEFA in this process and we have asked that certain issues be monitored so as to ensure these rules do not create unintended consequences such as preventing smaller clubs from having the opportunity to invest the resources required to compete at a higher level.
"We look forward to continuing to work with UEFA as these rules are gradually introduced over the next few seasons."
Become a fan of Goal.com UK's Facebook fan page for all the latest news and insight into everything related to the beautiful game!