Medium-term government plans, which set out the evolution of key economic variables towards the values set out in the Maastricht Treaty. They set out recommended values for budgetary positions, values for fiscal consolidation, including the relevant economic scenario. The convergence programme usually covers the following three to four years and is regularly updated during this period. Their implementation is examined by the European Commission and the Monetary Committee, and the reports they issue serve as the basis for the assessment by the EU's Economic and Financial Affairs Council (see ECOFIN). After the start of the third phase of economic and monetary union, countries must continue to follow convergence programmes, while euro area member states have annual stabilisation programmes based on the Stability and Growth Pact.