text: The European Parliament is expected to vote on the new Regulation on the preventive arm in April 2024. After the Parliament's approval, the Council of Ministers is expected to adopt the new Regulation, adopt the Regulation amending the corrective arm, and adopt the Directive amending the Directive on national budgetary frameworks. In the meantime, as a new legal framework is not yet in place, the current legal framework continues to apply in spring 2024.
  SGP changes induced by the reform
  The reform was adopted and entered into force on 30 April 2024, and induced the following changes to the SGP:
  "National medium-term fiscal-structural plans" submitted annually by 20 September, will integrate and replace the previous "Stability/Convergence programme" and "National Reform Programme" submitted annually in April. While maintaining a 4-5 year time span for the duration of the programme/plan, the intention with the new plans are that the subsequent annually reporting will be limited to progress reports on how the implementation of the original plan is moving forward.
  The maximum duration of an Excessive Deficit Procedure (EDP) will be extended from four to seven years if certain reform requirements are respected, for member states in need of a slower adjustment path towards respecting the deficit and debt limit of the SGP.