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Since the recent High Level Meeting on National Drought Policy held in Geneva in 2013, a greater concern about the creation and adaptation of national drought monitoring systems is expected. Consequently, backed by international recommendations, the use of Standardized Drought Indices (SDI), such as the Standardized Precipitation Index (SPI), as an operational basis of drought monitoring systems has been increasing in many parts of the world. Recommendations for the use of the SPI, and consequently, those indices that share its properties, do not take into account the limitations that this type of index can exhibit under the influence of multidecadal climate variability. These limitations are fundamentally related to the lack of consistency among the operational definition expressed by this type of index, the conceptual definition with which it is associated and the political definition it supports. Furthermore, the limitations found are not overcome by the recommendations for their application. This conclusion is supported by the long-term study of the Standardized Streamflow Index (SSI) in the arid north-central region of Chile, under the influence of multidecadal climate variability. The implications of the findings of the study are discussed with regard to their link to aspects of drought policy in the cases of Australia, the United States and Chile. (C) 2014 Elsevier B.V. All rights reserved.