This chapter traces the process leading to the 2024 reform of the Stability and Growth Pact (SGP). How was the final deal possible? Firstly, under the pressure from Germany, the Council preserved sustainability of public finances as the main goal of the SGP. Secondly, once Germany had secured the main goal, it was willing to make concessions to France, Italy and other countries on a number of fiscal ideas: differentiation, national ownership, and limited flexibility. Thirdly, none of the 27 member states wanted to go back to the old SGP rules, which would have gone into force again from 1 January 2024. The new SGP is thus a compromise made up of “cross-concessions” regarding different fiscal ideas: differentiation, national ownership, stringency, flexibility, automaticity, discretion, uniformity, and change to secondary legislation. The argument of this chapter is that the core paradigm of fiscal regulation remained in place with its policy goals, that is, to avoid excessive deficits and to maintain sound public finances. At the same time, the fiscal ideas, instruments and settings to achieve those goals changed and became more flexible. In light of all this, the 2024 SGP reform represents an incremental but not a paradigmatic change to the EU’s fiscal governance.