A new European fiscal framework entered into force in 2024. It replaces the old fiscal rules, deemed too complex and insufficiently respected. What are the key features of this new framework? Does it meet the stated objectives of the reform, namely simplification, greater transparency, ownership by Member States and better compliance? What are the implications for fiscal policy in Belgium as a whole? Within the country, how should European targets be allocated across the federal and sub-federal levels? What are the resulting budgetary challenges ?