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For the first time in four years, EU fiscal rules are in effect. The first implementation cycle of the new economic governance framework, centred on country-specific, medium-term fiscal plans steers multilateral budget surveillance, and aims to coordinate Member States' economic policies. The renewed emphasis on European defence capabilities has sparked debates on potential exemption of defence spending from fiscal rules. Against this backdrop, the European 合法博彩网站 report on the European Semester will be debated during the March plenary session.