The Nova Vulgata is the official Latin version of the Bible for the Catholic Church. It has its origins in the Second Vatican Council (1962-1965), which put forth the mandate for a revision of the Latin Psalter in order to bring it in line with modern text-critical research. Then in 1965, Pope Paul VI established a commission to expand the revision to cover the entire Bible. The revised Psalter was completed and published in 1969, followed by the New Testament in 1971, and the entire Vulgate was completed in 1979. A second edition was then published several years later in 1986.
The textual basis of the Nova Vulgata is the critical edition of Jerome's Vulgate, as edited by the monks of the Benedictine Abbey of St. Jerome in Rome and the critical edition of the Vulgate edited by Robert Weber (also available with a critical apparatus in the German Bible Society Bundle). The basis for Tobit and Judith are the Old Latin manuscripts that predate Jerome's translation. Together this collection of texts were revised according to modern critical editions of the Hebrew, Aramaic, and Greek, along with a number of places where the editors believed that Jerome had misunderstood the meaning of the original or had translated it obscurely.
The original goal of the Nova Vulgata was to provide an authoritative edition of Jerome's translation for the production of a reformed Latin liturgy, while also correcting the Vulgate in use and taking into account other important liturgical factors such as readability in public and singability for choirs.
[The] Nova Vulgata appeared in 1979. Intended for liturgical and pastoral use, the text represents a happy synthesis between the demands of textual criticism and respect for the ecclesiastical Latin of the church.
—Raymond F. Collins, Anchor Yale Bible Dictionary