RationaleSince 2020, the European Semester has been immersed in a large-scale restructuring process, to adapt to an environment in constant change. At the same time, it has continued to adapt to the implementation of the Recovery and Resilience Facility. Moreover, in 2024, coinciding with the deactivation of the general escape clause of the Stability and Growth Pact, a new fiscal governance framework will have to be adopted, which will continue to be integrated in the European Semester.Takeaways•The main new feature in the current cycle is the European Commission’s legislative proposal for reform of the European Union’s fiscal rules, which should pave the way for the adoption of a new fiscal governance framework integrated in the European Semester.•To facilitate the transition towards the future fiscal rules and to take into account the present challenges, some elements of the proposal have been incorporated into the current fiscal surveillance cycle, via country-specific recommendations.•The recommendations for Spain for 2024 include a quantitative requirement that limits nationally financed nominal primary expenditure to 2.6%, as well as qualitative guidance on investment and energy measures.