The 2024 reform of the EU's Stability and Growth Pact introduced medium-term expenditure paths as the centrepiece of a new, country-specific surveillance framework. This column presents findings from a first implementation review by the European Fiscal Board, which shows uneven results. Some of the ills that afflicted the old framework don’t seem to have been cured. A timely and even-handed enforcement will be essential if the new rules are to earn the credibility they need to safeguard sustainability in challenging times for EU public finances. […]