Championship clubs will only be allowed to spend what they earn from the 2012-13 season, while sides in League One and Two will not be permitted to spend more than 55% of their turnover on player wages.
Clubs who breach the rules are likely to be handed a transfer ban as a first sanction with possible points deductions for major offenders.
Platini said: "We are very happy to see that Football League clubs, under the umbrella of the FA, are again taking the initiative on good governance issues by introducing Financial Fair Play. We are delighted that football bodies across the continent are trying to restore financial sanity to football on a national level."
In total, debts at Football League clubs amount to 700million and a report by analysts Deloitte found that more than one third of clubs pay out more in wages than they receive in revenue.