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What changed

From · Plenary report · 1 Jul 2025 A-10-2025-0124 on facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report)
To · Adopted text · 10 Sept 2025 TA-10-2025-0185 Investments and reforms for European competitiveness and the creation of a Capital Markets Union
✦ In short · AI narration of the differences below, generated 4 Sept 2026

Substantive changes: securitisation paragraph now references the Commission's review and removes rejection of weakening macroprudential rules. #6 Defence paragraph 81 now includes the Defence Equity Facility text, and a new paragraph 82 is added with that content. #7#8 Other changes are formal: decimal commas replaced with decimal points throughout. #1#2#3#4

3 changes of substance, plus 5 formal. Each change below carries a one-line ✦ note from the same model. Written from the two texts only — read the highlighted passages before relying on it.

The changes to the text itself, in document order. Cover page, citations (“having regard to …”), standard resolution paragraphs and punctuation-only edits are left out — they are in “Show every difference”.

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Change #6 Substance

Replaces a general note on securitisation with a specific reference to the Commission's review and drops the rejection of weakening the macroprudential framework.

70. Notes thatthe review of the securitisation canframework presented by the Commission on 17 June 2025, which could contribute to financial integration by bridging bank lending and capital markets; considers that action aimed at revitalising securitisation should focus on streamlining the regulatory requirements for disclosure and on simple, transparent and standardised criteria; rejects any proposal that would use securitisation to weaken the EU macroprudential framework andcriteria weakenwithout itshindering financial stability;

Change #7 Substance

Drops paragraph 82 on the Defence Equity Facility from this position, merging it into paragraph 81.

81. Believes that heightened defence needs due to geopolitical tensions require immediate mobilisation of financial support, without prejudice to the specific character of the security and defence policy of certain Member States, especially those adhering to a neutrality status; welcomes the Commission’s upcoming proposal for a new SAFE financial instrument of up to EUR 150 billion to boost EU defence capabilities as part of the ReArm Europe plan; regrets, however, that the Commission has chosen to base its legislative proposal on Article 122 TFEU, which excludes consultation of Parliament; recalls that the effective development of defence capabilities relies on joint investment at EU level, which ensures interoperability and generates efficiency gains, rather than depending primarily on fragmented national spending through the coordinated activation of national escape clauses to enable defence-related investments;82. Welcomes the joint initiative of the Commission and the EIB Group to set up a fund of funds called the ‘Defence Equity Facility’, with a budget of EUR 175 million for the period 2024-2027, to support private investment in European SMEs developing innovative dual-use defence technologies;investments;

Change #8 Substance

Adds paragraph 82 welcoming the Defence Equity Facility with budget and period.

82. Welcomes the joint initiative of the Commission and the EIB Group to set up a fund of funds called the ‘Defence Equity Facility’, with a budget of EUR 175 million for the period 2024-2027, to support private investment in European SMEs developing innovative dual-use defence technologies;