diff --git a/Doc/library/python.rst b/Doc/library/python.rst
index f39613f572884f..610435999d9f48 100644
--- a/Doc/library/python.rst
+++ b/Doc/library/python.rst
@@ -12,6 +12,7 @@ overview:
 .. toctree::
 
    sys.rst
+   sys.monitoring.rst
    sysconfig.rst
    builtins.rst
    __main__.rst
diff --git a/Doc/library/sys.monitoring.rst b/Doc/library/sys.monitoring.rst
new file mode 100644
index 00000000000000..7b02b95fd766a7
--- /dev/null
+++ b/Doc/library/sys.monitoring.rst
@@ -0,0 +1,300 @@
+:mod:`sys.monitoring` --- Execution event monitoring
+====================================================
+
+..  module:: sys.monitoring
+    :synopsis: Access and control event monitoring
+
+-----------------
+
+.. note::
+
+    ``sys.monitoring`` is a namespace within the ``sys`` module,
+    not an independent module, so there is no need to
+    ``import sys.monitoring``, simply ``import sys`` and then use
+    ``sys.monitoring``.
+
+
+This namespace provides access to the functions and constants necessary to
+activate and control event monitoring.
+
+As programs execute, events occur that might be of interest to tools that
+monitor execution. The :mod:`!sys.monitoring` namespace provides means to
+receive callbacks when events of interest occur.
+
+The monitoring API consists of three components:
+
+* Tool identifiers
+* Events
+* Callbacks
+
+Tool identifiers
+----------------
+
+A tool identifier is an integer and associated name.
+Tool identifiers are used to discourage tools from interfering with each
+other and to allow multiple tools to operate at the same time.
+Currently tools are completely independent and cannot be used to
+monitor each other. This restriction may be lifted in the future.
+
+Before registering or activating events, a tool should choose an identifier.
+Identifiers are integers in the range 0 to 5.
+
+Registering and using tools
+'''''''''''''''''''''''''''
+
+.. function:: use_tool_id(id: int, name: str) -> None
+
+   Must be called before ``id`` can be used.
+   ``id`` must be in the range 0 to 5 inclusive.
+   Raises a ``ValueError`` if ``id`` is in use.
+
+.. function:: free_tool_id(id: int) -> None
+
+   Should be called once a tool no longer requires ``id``.
+
+.. function:: get_tool(id: int) -> str | None
+
+   Returns the name of the tool if ``id`` is in use,
+   otherwise it returns ``None``.
+   ``id`` must be in the range 0 to 5 inclusive.
+
+All IDs are treated the same by the VM with regard to events, but the
+following IDs are pre-defined to make co-operation of tools easier::
+
+  sys.monitoring.DEBUGGER_ID = 0
+  sys.monitoring.COVERAGE_ID = 1
+  sys.monitoring.PROFILER_ID = 2
+  sys.monitoring.OPTIMIZER_ID = 5
+
+There is no obligation to set an ID, nor is there anything preventing a tool
+from using an ID even it is already in use.
+However, tools are encouraged to use a unique ID and respect other tools.
+
+Events
+------
+
+The following events are supported:
+
+BRANCH
+  A conditional branch is taken (or not).
+CALL
+  A call in Python code (event occurs before the call).
+C_RAISE
+  Exception raised from any callable, except Python functions (event occurs after the exit).
+C_RETURN
+  Return from any callable, except Python functions (event occurs after the return).
+EXCEPTION_HANDLED
+  An exception is handled.
+INSTRUCTION
+  A VM instruction is about to be executed.
+JUMP
+  An unconditional jump in the control flow graph is made.
+LINE
+  An instruction is about to be executed that has a different line number from the preceding instruction.
+PY_RESUME
+  Resumption of a Python function (for generator and coroutine functions), except for throw() calls.
+PY_RETURN
+  Return from a Python function (occurs immediately before the return, the callee's frame will be on the stack).
+PY_START
+  Start of a Python function (occurs immediately after the call, the callee's frame will be on the stack)
+PY_THROW
+  A Python function is resumed by a throw() call.
+PY_UNWIND
+  Exit from a Python function during exception unwinding.
+PY_YIELD
+  Yield from a Python function (occurs immediately before the yield, the callee's frame will be on the stack).
+RAISE
+  An exception is raised, except those that cause a ``STOP_ITERATION`` event.
+RERAISE
+  An exception is re-raised, for example at the end of a ``finally`` block.
+STOP_ITERATION
+  An artificial ``StopIteration`` is raised; see `the STOP_ITERATION event`_.
+
+More events may be added in the future.
+
+These events are attributes of the :mod:`!sys.monitoring.events` namespace.
+Each event is represented as a power-of-2 integer constant.
+To define a set of events, simply bitwise or the individual events together.
+For example, to specify both ``PY_RETURN`` and ``PY_START`` events, use the
+expression ``PY_RETURN | PY_START``.
+
+Events are divided into three groups:
+
+Local events
+''''''''''''
+
+Local events are associated with normal execution of the program and happen
+at clearly defined locations. All local events can be disabled.
+The local events are:
+
+* PY_START
+* PY_RESUME
+* PY_RETURN
+* PY_YIELD
+* CALL
+* LINE
+* INSTRUCTION
+* JUMP
+* BRANCH
+* STOP_ITERATION
+
+Ancillary events
+''''''''''''''''
+
+Ancillary events can be monitored like other events, but are controlled
+by another event:
+
+* C_RAISE
+* C_RETURN
+
+The ``C_RETURN`` and ``C_RAISE`` events are are controlled by the ``CALL``
+event. ``C_RETURN`` and ``C_RAISE`` events will only be seen if the
+corresponding ``CALL`` event is being monitored.
+
+Other events
+''''''''''''
+
+Other events are not necessarily tied to a specific location in the
+program and cannot be individually disabled.
+
+The other events that can be monitored are:
+
+* PY_THROW
+* PY_UNWIND
+* RAISE
+* EXCEPTION_HANDLED
+
+
+The STOP_ITERATION event
+''''''''''''''''''''''''
+
+:pep:`PEP 380 <380#use-of-stopiteration-to-return-values>`
+specifies that a ``StopIteration`` exception is raised when returning a value
+from a generator or coroutine. However, this is a very inefficient way to
+return a value, so some Python implementations, notably CPython 3.12+, do not
+raise an exception unless it would be visible to other code.
+
+To allow tools to monitor for real exceptions without slowing down generators
+and coroutines, the ``STOP_ITERATION`` event is provided.
+``STOP_ITERATION`` can be locally disabled, unlike ``RAISE``.
+
+
+Turning events on and off
+-------------------------
+
+In order to monitor an event, it must be turned on and a callback registered.
+Events can be turned on or off by setting the events either globally or
+for a particular code object.
+
+
+Setting events globally
+'''''''''''''''''''''''
+
+Events can be controlled globally by modifying the set of events being monitored.
+
+.. function:: get_events(tool_id: int) -> int
+
+   Returns the ``int`` representing all the active events.
+
+.. function:: set_events(tool_id: int, event_set: int)
+
+   Activates all events which are set in ``event_set``.
+   Raises a ``ValueError`` if ``tool_id`` is not in use.
+
+No events are active by default.
+
+Per code object events
+''''''''''''''''''''''
+
+Events can also be controlled on a per code object basis.
+
+.. function:: get_local_events(tool_id: int, code: CodeType) -> int
+
+   Returns all the local events for ``code``
+
+.. function:: set_local_events(tool_id: int, code: CodeType, event_set: int)
+
+   Activates all the local events for ``code`` which are set in ``event_set``.
+   Raises a ``ValueError`` if ``tool_id`` is not in use.
+
+Local events add to global events, but do not mask them.
+In other words, all global events will trigger for a code object,
+regardless of the local events.
+
+
+Disabling events
+''''''''''''''''
+
+Local events can be disabled for a specific code location by returning
+``sys.monitoring.DISABLE`` from a callback function. This does not change
+which events are set, or any other code locations for the same event.
+
+Disabling events for specific locations is very important for high
+performance monitoring. For example, a program can be run under a
+debugger with no overhead if the debugger disables all monitoring
+except for a few breakpoints.
+
+
+Registering callback functions
+------------------------------
+
+To register a callable for events call
+
+.. function:: register_callback(tool_id: int, event: int, func: Callable | None) -> Callable | None
+
+   Registers the callable ``func`` for the ``event`` with the given ``tool_id``
+
+   If another callback was registered for the given ``tool_id`` and ``event``,
+   it is unregistered and returned.
+   Otherwise ``register_callback`` returns ``None``.
+
+
+Functions can be unregistered by calling
+``sys.monitoring.register_callback(tool_id, event, None)``.
+
+Callback functions can be registered and unregistered at any time.
+
+Registering or unregistering a callback function will generate a ``sys.audit`` event.
+
+
+Callback function arguments
+'''''''''''''''''''''''''''
+
+When an active event occurs, the registered callback function is called.
+Different events will provide the callback function with different arguments, as follows:
+
+* ``PY_START`` and ``PY_RESUME``::
+
+    func(code: CodeType, instruction_offset: int) -> DISABLE | Any
+
+* ``PY_RETURN`` and ``PY_YIELD``:
+
+    ``func(code: CodeType, instruction_offset: int, retval: object) -> DISABLE | Any``
+
+* ``CALL``, ``C_RAISE`` and ``C_RETURN``:
+
+    ``func(code: CodeType, instruction_offset: int, callable: object, arg0: object | MISSING) -> DISABLE | Any``
+
+    If there are no arguments, ``arg0`` is set to ``MISSING``.
+
+* ``RAISE``, ``RERAISE``, ``EXCEPTION_HANDLED``, ``PY_UNWIND``, ``PY_THROW`` and ``STOP_ITERATION``:
+
+    ``func(code: CodeType, instruction_offset: int, exception: BaseException) -> DISABLE | Any``
+
+* ``LINE``:
+
+    ``func(code: CodeType, line_number: int) -> DISABLE | Any``
+
+* ``BRANCH`` and ``JUMP``:
+
+    ``func(code: CodeType, instruction_offset: int, destination_offset: int) -> DISABLE | Any``
+
+  Note that the ``destination_offset`` is where the code will next execute.
+  For an untaken branch this will be the offset of the instruction following
+  the branch.
+
+* ``INSTRUCTION``:
+
+    ``func(code: CodeType, instruction_offset: int) -> DISABLE | Any``
+
+
diff --git a/Doc/library/sys.rst b/Doc/library/sys.rst
index e7b34a83ebe9a7..20a337bdf0f595 100644
--- a/Doc/library/sys.rst
+++ b/Doc/library/sys.rst
@@ -1953,6 +1953,13 @@ always available.
    .. availability:: Windows.
 
 
+.. data:: monitoring
+   :noindex:
+
+   Namespace containing functions and constants for register callbacks
+   and controlling monitoring events.
+   See  :mod:`sys.monitoring` for details.
+
 .. data:: _xoptions
 
    A dictionary of the various implementation-specific flags passed through
diff --git a/Doc/whatsnew/3.12.rst b/Doc/whatsnew/3.12.rst
index f58c2d94e431bc..8bd642245d4fe3 100644
--- a/Doc/whatsnew/3.12.rst
+++ b/Doc/whatsnew/3.12.rst
@@ -74,6 +74,8 @@ Interpreter improvements:
 
 * :ref:`whatsnew312-pep684`
 
+* :ref:`whatsnew312-pep669`
+
 New typing features:
 
 * :ref:`whatsnew312-pep688`
@@ -313,6 +315,19 @@ A Python API is anticipated for 3.13.  (See :pep:`554`.)
 
 (Contributed by Eric Snow in :gh:`104210`, etc.)
 
+.. _whatsnew312-pep669:
+
+PEP 669: Low impact monitoring for CPython
+------------------------------------------
+
+CPython 3.12 now supports the ability to monitor calls,
+returns, lines, exceptions and other events using instrumentation.
+This means that you only pay for what you use, providing support
+for near-zero overhead debuggers and coverage tools.
+
+See  :mod:`sys.monitoring` for details.
+
+
 New Features Related to Type Hints
 ==================================