The EU will simplify procedures for requesting and issuing short-stay visas and will use the visa policy to encourage non-EU countries to cooperate on migration. On January 29th Parliament and Council negotiators informally agreed on a new EU Visa Code, establishing the procedures and conditions for issuing visas for short periods (up to 90 days in any 180-day period). The visa fee will rise from 60 to 80€, with some exceptions and reductions (children, students). Applications could be submitted earlier than now – between six months and 15 days ahead of the trip. Additional facilities are planned for well-known artists and high performance athletes touring in the EU, as well as multiple entry visas for frequent travelers.
The informal deal will now be put to vote in the Civil Liberties Committee. It will also need to be confirmed by the plenary before formal adoption by the Council of Ministers. The changes will be applicable six months after the text is published in the Official Journal of the EU.

Source: European Parliament, see also the text of the proposal of the European Commission from March 14, 2018