text: The EDP will be assessed again starting from 19 June 2024, where each country will have their usual set of a "2024 National Reform Programme" and "2024 Stability or Convergence Programme" analyzed, with a compliance check of the 2023 fiscal result and 2024 budget with the existing 2019-version of the SGP rules, although only 3% deficit breaches will be evaluated because no debt limit or debt reduction breach can trigger an EDP in 2024. The European Commission reasoned for its continued deactivation for another year of the debt limit or debt reduction rule in 2023–2024, stating "that compliance with the debt reduction benchmark could imply a too demanding frontloaded fiscal effort that would risk to jeopardise economic growth. Therefore, in the view of the Commission, compliance with the debt reduction benchmark is not warranted under the prevailing economic conditions." In February 2024, the EU approved a revised set of SGP rules, that will introduce acceptance of a slower adjustment path towards respecting the deficit and debt limit of the SGP, and extend the maximum duration of an Excessive Deficit Procedure from four to seven years if certain reform requirements are respected. The new revised rules will be finally adopted by the European Parliament and Council of Ministers before the 2024 European Parliament election; and fully applied starting from the presented drafts for 2025 budgets. The first "national medium-term fiscal-structural plans" guided by the new revised fiscal rules, will cover the four-year period 2025–2028, and need to be submitted by each member state by 20 September 2024.
  Timeline
  This is a timeline of how the Stability and Growth Pact evolved over time:
  1997: The Stability and Growth Pact is decided.
  1998: The preventative arm comes into force.
  1999: The corrective arm comes into force.
  2005: The SGP is amended.
  2011: The Six Pack enters into force.
  2013: The Fiscal Compact and the Two-Pack are adopted.
  2020: The General Escape Clause within the existing regulations is activated, and the SGP fiscal rules suspended for fiscal years 2020–22.