What changed

Motion for a resolution

Citation 3 a (new)

Motion for a resolution

Amendment

– having regard to the tenth progress report on the implementation of the common set of proposals endorsed by the EU and NATO Councils on 6 December 2016 and 5 December 2017 and published in June 2025,

Amendment 2

Motion for a resolution

Citation 7 a (new)

– having regard to the report of 17 April 2024 by Enrico Letta entitled ‘Much more than a market’ (Letta report),

Amendment 3

Or. en

Amendment 2

Motion for a resolution

– having regard to the report of 30 October 2024 by Sauli Niinistö entitled ‘Safer Together – Strengthening Europe’s Civilian and Military Preparedness and Readiness’ (Niinistö report),

Amendment 4

Or. en

Motion for a resolution

Amendment 3

Citation 9 a (new)

Motion for a resolution

Amendment

– having regard to the European Parliament resolution of 8 July 2025 on the financial activities of the European Investment Bank – annual report 20241a,

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1a Texts adopted, P10_TA(2025)0145.

Amendment 5

Motion for a resolution

Citation 11 a (new)

Motion for a resolution

Amendment

– having regard to the Commission notice of 23 June 2025 on the application of the sustainable finance framework and the Corporate Sustainability Due Diligence Directive to the defence sector,

Amendment 6

Motion for a resolution

Citation 11 b (new)

Motion for a resolution

Amendment

– having regard to the European Court of Auditors special report 04/2025 of 5 February 2025 entitled ‘EU military mobility – Full speed not reached due to design weaknesses and obstacles en route’,

Amendment 7

Motion for a resolution

Amendment

A. whereas, according to the European Defence Agency (EDA), after a decline in 2014, Member States’ defence expenditure reached EUR 326 billion in 2024, or 1.9 %1.9% of their GDP;

A. whereas, according to the European Defence Agency (EDA), Member States’ defence expenditure, after a decline in 2014, Member States’ defence expenditure reached EUR 343 billion in 2024, corresponding to 1.9 % of their GDP, an increase of 19 % compared to 2023, thus constituting the tenth consecutive year of growth and gradually bringing the Union closer to NATO’s former target of 2 % of GDP;2023; whereas, according to the EDA, Member States may exceed the 2 % NATO guideline in 2025;

Amendment 8

Or. en

Amendment 4

Motion for a resolution

Amendment

B. whereas the Commission estimates that Member States will need to invest an additional EUR 800 billion in defence by 2030 under the ‘ReArm Europe’ plan, involving an annual increase of 10%10 % in spending to reach around EUR 575 billion in 2030, or 3.15%3.15 % of combined GDP; whereas, in its proposal for the Multiannual Financial Framework (MFF) 2028-2034, the Commission allocates EUR 131 billion to defence and space, five times more than in the previous period;

B. whereas the Niinistö report emphasises that increasing the available funding for defence cooperation is vital to overcome endemic fragmentation and decades of underinvestment; whereas the Draghi report highlights the need for coordinated European approaches to strategic investmentinvestments in defence;defence, whereasand the Commission is supporting the Member States in their defence investment efforts with up to EUR 800 billion in defence spending until 2030 through different measures under the ‘ReArm Europe’ plan, involving an annual increase of up to 10 % in spending to reach up to EUR 575 billion in 2030, or 3.15 % of combined GDP;

Amendment 9

Or. en

Amendment 5

Motion for a resolution

B a. whereas, in its proposal for the multiannual financial framework (MFF) for 2028-2034, the Commission allocates EUR 131 billion to defence and space, five times more than in the previous period, with implications for EU budgetary discipline and the design of financing mechanisms related to defence;

Amendment 10

Or. en

Amendment 6

Motion for a resolution

Recital B b (new)C

Motion for a resolution

Amendment

B b. whereas, as of August 2025, 16 Member States have requested the use of national escape clauses and 19 Member States have requested loans under the SAFE instrument1a;

C. whereas, according to the EDA, 30% of Member States’ defence expenditure in 2024 was devoted to investment, of which 88.2% was for the acquisition of new equipment and 11.8% for research and development; whereas, under the ‘ReArm Europe’ plan, this increase is expected to generate at least EUR 240 billion in additional investment by 2030;

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C. whereas, according to the EDA, 31 % of Member States’ defence expenditure in 2024 was devoted to investment, of which 88.2 % was for the acquisition of new equipment and 11.8 % for research and development; whereas expenditure on the procurement of defence equipment reached EUR 88 billion in 2024, 39 % more than in 2023; whereas, under the ‘ReArm Europe’ plan, this increase is expected to generate at least EUR 240 billion in additional investment by 2030; whereas the expansion of procurement and research and development (R&D) investment is expected to mobilise European supply chains, stimulate technological innovation and support industrial growth;

1a https://defence-industry-space.ec.europa.eu/document/download/704924ae-3aa2-4bd3-9675-e9cf1e5dfb96_en?filename=communication-to-the-college.pdf.

Or. en

Amendment 117

Motion for a resolution

Recital C

Recital D a (new)

Motion for a resolution

Amendment

C. whereas, according to the EDA, 30% of Member States’ defence expenditure in 2024 was devoted to investment, of which 88.2% was for the acquisition of new equipment and 11.8% for research and development; whereas, under the ‘ReArm Europe’ plan, this increase is expected to generate at least EUR 240 billion in additional investment by 2030;

D a. whereas, according to the EDA, spending on defence R&D in the Member States was 20 % higher in 2024 than in 2023, reaching EUR 13 billion;

C. whereas, according to the EDA, 31 % of Member States’ defence expenditure in 2024 was devoted to investment, of which 88.2 % was for the acquisition of new equipment and 11.8 % for research and development (R&D); whereas expenditure on the procurement of defence equipment reached EUR 88 billion in 2024, 39 % more than in 2023; whereas, under the ‘ReArm Europe’ plan, this increase is expected to generate at least EUR 240 billion in additional investment by 2030; whereas, according to the EDA, while spending on defence R&D in the Member States was 20 % higher in 2024 than in 2023, reaching EUR 13 billion, ‘defence research & technology’, a subset of R&D, still falls short; whereas expansion of procurement and R&D, including ‘defence research & technology’, is significant as it is expected to mobilise European supply chains, stimulate technological innovation and support industrial growth, thus, strengthening Europe’s strategic autonomy;

Or. en

Amendment 128

Motion for a resolution

F. whereas, according to a Commission study, SMEs in the EDTIB face greater difficulties than those in other sectors in obtaining credit and equity financing due to: (i) irregular public procurement and payment delays between subcontractors, which reduces cash flow visibility; (ii) the exclusion of defence activities by some investors for image reasons; and (iii) limited exit opportunities for defence assets on European capital markets;

F. whereas small and medium-sized enterprises (SMEs) represent a vital component of the European Defence Technological and Industrial Base (EDTIB), providing innovation, flexibility and specialised expertise; whereas, according to a Commission study, SMEs in the EDTIB face greater difficulties than those in other sectors in obtaining credit and equity financing due to: (i) irregular public procurement and payment delays between subcontractors, which reduces cash flow visibility; (ii) the exclusion of defence activities by some investors for image reasons; and (iii) limited exit opportunities for defence assets on European capital markets; whereas addressing suchthese financing obstacles ismust essentialbe addressed to giveguarantee that defence-related SMEs faircan accesseffectively toaccess capital markets and private investment, thus, improving competitiveness and improving economic resilience;investment;

Amendment 13

Or. en

Amendment 9

Motion for a resolution

G. whereas additional financing needs for the EDTIB for the period 2025-2030 are estimated at between at least EUR 30 billion and EUR 40 billion, of which EUR 6 billion to EUR 18 billion will be in equity;

G. whereas additional financing needs for the EDTIB for the period 2025-2030 are estimated at between at least EUR 30 billion and EUR 40 billion, of which EUR 6 billion to EUR 18 billion will need to be financedmet through equity; whereas this highlights the relevance of the EU’s Savings and Investment Union (SIU) in mobilising long-term private capital and attracting institutional investors;

Amendment 14

Or. en

Motion for a resolution

Amendment 10

Recital H

Motion for a resolution

Amendment

H. whereas the defence sector remains highly fragmented, structured around major buyers and fragile subcontracting chains, which limits the cash flow of small businesses, which are often forced to finance their working capital requirements with long-term resources;

H. whereas the defence sector remains highly fragmented, structured around major buyers and fragile subcontracting chains, and underdeveloped pan-European value chains, which limits the cash flow of small businesses, which are often forced to finance their working capital requirements with long-term resources;

Amendment 15

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the strengthening of the European Defence Technological and Industrial Base requires a progressive trajectory that values the productive and industrial specificities of the Member States, in order to safeguard investment, employment, and competitiveness, and to avoid excessive imbalances that could undermine the equilibrium of national markets and the internal market;

Amendment 16

Motion for a resolution

Recital I

Motion for a resolution

Amendment

I. whereas the EIB mobilised nearly EUR 1 billion in 2024 to support short-term loans to SMEs and is aiming to mobilise EUR 2 billion in 2025; whereas it has already allocated EUR 13 billion to defence since 2017 and plans to allocate an additional EUR 6 billion by 2027, while expanding its activities to include dual-use projects and developing new financial instruments;

I. whereas the European Investment Bank (EIB) prioritised the security and defence sector, adapted its lending criteria and its internal processes, and created a one-stop shop for financial support on security and defence – the Security and Defence Office; whereas the EIB mobilised nearly EUR 1 billion in 2024 and was aiming to mobilise a record EUR 2 billion in 2025 but has actually already reached EUR 3 billion; whereas it has already allocated EUR 13 billion to defence since 2017 and plans to allocate an additional EUR 6 billion by 2027, while expanding its activities to include dual-use projects and developing new financial instruments; whereas the need to strengthen dual-use cooperation at EU level has been highlighted by the Niinistö report;

Amendment 17

Motion for a resolution

Recital J

Motion for a resolution

Amendment

J. whereas in 2023, among the foreign direct investments (FDI) notified under the European FDI screening cooperation mechanism, approximately 39 cases were subject to in-depth review, which particularly affected the defence and aeronautics sectors4 ;

J. whereas in 2023, approximately 39 notified foreign direct investment (FDI) cases underwent an in-depth review under the European FDI screening cooperation mechanism, with the defence and aeronautics sectors being especially affected4;

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4 https://circabc.europa.eu/ui/group/be8b568f-73f3-409c-b4a4-30acfcec5283/library/a27a9d61-a090-4637-99e0-1d2673b7d719/details?download=true

4 https://circabc.europa.eu/ui/group/be8b568f-73f3-409c-b4a4-30acfcec5283/library/a27a9d61-a090-4637-99e0-1d2673b7d719/details?download=true.

Amendment 18

Motion for a resolution

Recital K a (new)

Motion for a resolution

Amendment

K a. whereas there is an urgent need to increase European defence-related investment, in particular to enhance Europe’s resilience and security by supporting the development and deployment of dual-use technologies and capabilities that strengthen the protection of critical infrastructure against hybrid threats, cyberattacks and other risks to societal and economic stability, through the Union budget, while also complementing and stimulating the increasing defence spending of the Member States;

Amendment 19

Motion for a resolution

Subheading 2

Motion for a resolution

Amendment

Supporting and better directing Member States’ public investment in defence

Supporting Member States’ national efforts and public investment in defence

Amendment 20

Motion for a resolution

2. Welcomes the proposals set out in the ‘ReArm Europe’ plan to offer Member States greater budgetary flexibility, in particular the loan facility under the EUR 150 billion ‘Security Action for Europe’ instrument; regrets, however, that the Commission has based this instrument on Article 122 TFEU, thereby ruling out consultation with Parliament, which prevents monitoring and control of the funds and risks exacerbating disparities between Member States; calls on the Commission to refrain from applying this article to other components of the ‘ReArm Europe’ plan, as well as to other issues related to defence financing;

2. Welcomes the proposals set out in the ‘ReArm Europe’ plan to offer Member States greater budgetary flexibility, including the ‘Security Action for Europe’ instrument to encourage increased defence spending and strengthen the EDTIB; considers, however, that more needs to bethese donemeasures inare orderinsufficient to meet the financing needs identified by the Draghi report, and that massive additional investment efforts will be required to enable the EU to achieve strategic autonomy; stresses that financing should be based on facilitated access to private capital, national contributions, existing budgetary margins, or alternative mechanisms that respect fiscal responsibility, and that eligibility conditions to access such financing protect the security and defence interests of the Union and its Member States; highlights, in this regard, that any involvement of entities that have ultimate beneficial owners from third countries or candidate countries should be in line with the defence capability priorities jointly agreed by Member States within the framework of the Common Foreign and Security Policy (CFSP);responsibility;

Amendment 21

Or. en

Amendment 11

Motion for a resolution

Amendment

2 a. Regrets the Commission’s frequent application of Article 122 TFEU on matters of common European Union debt, such as the ‘Security Action for Europe’, which ruled out consultation with Parliament, thereby, preventing monitoring and control of the funds and risking exacerbating disparities between Member States;2a. stressesStresses that all defence-related financial instruments and spending programmes, including those under the ‘ReArm Europe’ plan, must remain subject to full budgetary scrutiny by Parliament in line with Article 314 TFEU;Parliament, insistsand thatrejects the Commission refrain fromuse applyingof Article 122 TFEU to other components of the ‘ReArm Europe’ plan, as well asor insimilar othermechanisms mattersto ofbypass defenceparliamentary financing;oversight;

Amendment 22

Or. en

Motion for a resolution

Amendment 12

Paragraph 2 b (new)

Motion for a resolution

Amendment

2 b. Emphasises the importance of a coordinated European approach that supports investment in common priorities, follows a broader concept of security, which encompasses both defence and resilience-related objectives, and that include the effective mobilisation of national budgets and private capital; underlines that flexibility in the fiscal framework should be applied in a manner consistent with sound public finances and long-term debt sustainability; observes the limited and uneven use of the national escape clause (NEC) and notes that, despite such flexibility, several Member States continue to face constraints in their fiscal capacity to meet the demands and respond effectively to shared priorities and that other Member States have refrained from applying for the NEC out of concern for the financial markets’ reaction; recognises that the NEC is a temporary instrument for country-specific emergencies, while sustained investment planning requires long-term predictability; highlights that predictable fiscal and regulatory conditions are essential to attract private investment and to ensure the efficient use of public resources across the Union; believes that this framework, where appropriate, should be strengthened by EU-level investment instruments and tools designed to minimise the cost for EU taxpayers and maximise efficiency in the provision of European public goods;

Amendment 23

Motion for a resolution

Amendment

3 a. Stresses that although spending on defence R&D in the EU reached EUR 13 billion in 2024, it still represents a modest share of total expenditure compared to global competitors; calls on the Commission to devote a greater proportion of the European Defence Fund and related instruments to disruptive and dual-use technologies (e.g. AI,(AI, cyber, quantum and spacequantum, technologies),space), ensuring that results are scalable for operational use; underlines that synergies with civilian innovation programmes such as Horizon Europe and the European Innovation Council should be strengthened to maximise impact and avoid duplication;

Amendment 24

Or. en

Motion for a resolution

Amendment 13

Paragraph 3 b (new)

Motion for a resolution

Amendment

3 b. Calls for the extension of funding opportunities from European funds, including through the Integrated Border Management Fund, to support the engineering preparation of border areas in countries threatened by hybrid activities and conventional armed aggression by third countries, particularly in Member States located in the eastern and Mediterranean parts of the European Union; underlines in this context that the ‘Eastern Shield’ initiative constitutes a flagship project to strengthen the security and resilience of the Union’s eastern border and calls for its adequate financing through Union instruments as a key element of the Union’s overall defence posture;

Amendment 25

Motion for a resolution

4. Calls on the Commission to consolidate and clarify the ‘defence’ envelope provided for in the 2028-2034 MFF, exploring all options to support Member States’ defence investments without increasing their contributions or taxation, in particular through existing mechanisms;

4. Calls on the Commission to consolidate and clarify the ‘defence’ envelope provided for in the 2028-2034 MFF, exploring all options to support Member States’ defence investments, including strengthening NATO’s eastern border, the Mediterraneanborder and the Black Sea region; recalls the specific nature of the defence sector and considers that the future European Competitiveness Fund, as envisaged in the Commission’s proposed MFF for 2028-2034, must retain all the criteria and procedures currently used in European defence industry financing instruments, in particular the criteria relating to the European Defence Fund and the future European Defence Investment Programme, while ensuring compliance with principles of fiscal responsibility;

Amendment 26

Or. en

Amendment 14

Motion for a resolution

5. Regrets that the EIB’s investment policy still excludes ‘arms and munitions’; calls, in the interests of consistency with the ‘ReArm Europe’ plan, for the EIB to strengthen its commitment to the European defence industry; suggests formally extending its mandate to include support for the EDTIB within a specialised subsidiary, backed by Commission guarantees and supported by a network of experts; believes that such a structure would be a more effective solution than the creation of a new ‘defence, security and resilience bank’, as proposed in the resolution on the White Paper on the future of European defence;

5. RecallsRegrets that the EIB’s objective is to foster European integration, promote theinvestment developmentpolicy ofstill theexcludes EU‘arms and support EU policies in line with Article 309 TFEU; welcomes the EIB’s proactivemunitions’ approachdespite inrepeated steppingcalls upby financingParliament for European security and defence; however, notes that its investment policy still excludes ‘arms and munitions’change, and that its interventions so far have not yet metlacked the needs andsufficient expectationsspeed, expressedrisk byappetite Europeanand defencescale companies;to callsmeet inurgent thisdefence-readiness respectneeds; andcalls, forin the interests of consistency with the ‘ReArm Europe’ plan, onfor the EIB to further strengthen its commitment to the European defence industry andindustry; totakes revisenote itsof investmentthe guidelinesprogress somade asin toopening allowup financingits forcriteria, legitimatebut defenceconsiders procurementthat projectsthese thatremain areinsufficient in linelight withof internationalthe lawneeds and theexpectations Union’sexpressed securityby interests;European notesdefence thatcompanies; possiblesuggests reservationsformally towardsextending aits furthermandate extensionto ofinclude thesupport EIB’sfor lendingthe policyEDTIB andwithin eligibilitya criteriaspecialised forsubsidiary, militarybacked equipment,by dueCommission toguarantees aand perceivedsupported riskby ofa withdrawalnetwork byof investorsexperts; endangeringbelieves thethat EIB’ssuch financiala stability,structure mustwould be supported by a comprehensive justificationmore giveneffective thatsolution enhancingthan the defence readinesscreation of thea Unionnew and‘defence, itssecurity Memberand Statesresilience isbank’, anas EUproposed policyin priority;the callsresolution on the EIBWhite toPaper conducton andthe providefuture theof European Parliament withdefence; aconsiders detailedthat, assessmentirrespective of its investors’whether policyfinancing towardsinstruments defenceare investmentsprovided andby the impactEIB ofor athrough possiblethe withdrawalestablishment of thesean investmentsad onhoc thebank, EIB’sspeed financialand stabilityefficiency without,must whereremain applicable,the compromisingpriorities itswhen confidentialitymobilising agreementsfunds withfor itsthe investors;development of the EDTIB;

Amendment 27

Or. en

Motion for a resolution

Amendment 15

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Suggests that the EIB should continuously reflect on and evaluate its role, as well as the scope of eligible investments, in the light of the pressing need to scale up the European defence sector and ensure long-term security and strategic autonomy; warns that any adjustment to the EIB Group’s eligibility criteria or funding to align with new priorities must safeguard the group’s financial position and ensure effective financing of other strategic EU priorities;

Amendment 28

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Stresses the importance of improving the accessibility and consistency of European investment support funds for EDTIB companies by adjusting eligibility criteria, simplifying application procedures and harmonising the objectives of work programmes; calls on Member States to strengthen the role of their chambers of commerce and industry in supporting SMEs in the EDTIB in their research and in gaining access to EU funding;

6. Stresses the importance of improving the accessibility and consistency of European investment support funds for EDTIB companies, in particular start-ups and SMEs, by progressively adjusting eligibility criteria with regard to the ambition laid out in the European Defence Industry Strategy, simplifying application procedures, encouraging multi-year block purchases to give industry predictable demand and lower unit costs, and harmonising the objectives of work programmes, with particular consideration given to the specific needs, scale and administrative capacities of SMEs and start-ups; calls on Member States to significantly strengthen the role of their chambers of commerce and industry in supporting start-ups and SMEs in the EDTIB in their research and in gaining access to EU funding;

Amendment 29

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Proposes to develop an instrument to support public and private investment in defence on the basis of guarantees from the EU budget following the example of InvestEU;

Amendment 30

Motion for a resolution

Paragraph 6 b (new)

Motion for a resolution

Amendment

6 b. Underlines the importance of developing comprehensive support frameworks enabling SMEs operating in the defence industry to scale up more rapidly, with particular attention to facilitating access to growth capital, supporting product development, testing and evaluation; recognises the importance of strengthening the capacity of SMEs to evolve into prime contractors by improving their ability to source components, enhance manufacturing engineering and integrate advanced automation in order to ramp up production;

Amendment 31

Motion for a resolution

Paragraph 6 c (new)

Motion for a resolution

Amendment

6 c. Considers banking funds deployed into loans, guarantees and high-quality liquidity portfolios as essential for long term maturities in defence spending that will provide predictability and stability; reiterates that accelerating the completion of the SIU would help to mobilise private capital and improve access to financing;

Amendment 32

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Calls on the EU Payment Observatory to carry out a study on compliance with payment deadlines in the EDTIB compared to other branches of industry, and to rank the most rigorous companies in this regard;

deleted

Amendment 33

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Calls on the EIB, with the support of Member States, to attain a figure of EUR 4 billion for short-term loans with risk guarantees of up to 50 %, and calls for the relaxation and simplification of the EIB’s defence commitment criteria, as well as the extension of eligibility to indirect subcontractors;

8. Calls on the EIB, with the support of Member States, to attain a figure of EUR 4 billion for short-term loans with risk guarantees of up to 50 %, and calls for the relaxation and simplification of the EIB’s defence commitment criteria, as well as the extension of eligibility to indirect subcontractors, while ensuring that any such financing does not contradict the defence capability priorities jointly agreed by Member States within the framework of CFSP, including good neighbourly relations, to maintain strategic alignment;

Amendment 34

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8 a. Calls on the Commission to ensure full legal clarity and certainty for investors, eliminating interpretative ambiguities and ensuring a level playing field for the defence sector;

Amendment 35

Motion for a resolution

Subheading 6

Motion for a resolution

Amendment

Increasing the capacity of private investors to finance defence by ensuring its compatibility with sustainable financing

Increasing the capacity of private investors to finance defence

Amendment 36

Motion for a resolution

9. Notes that, despite the efforts made since the start of the war in Ukraine, many investors remain reluctant to finance defence due to a strict interpretation of environmental, social and governance (ESG) standards, as well as image risk; calls on financial actors to improve their proficiency in analysing and processing defence-related financing; urges the Commission to step up its information and awareness-raising efforts regarding EDTIB financing;

9. Notes that, despite the efforts made since the start of the war in Ukraine, many investors remain reluctant to finance defence, includingdefence due to uncertainties overa thestrict applicationinterpretation of environmental, social and governance standards and the EDTIB remains discriminated against in the(ESG) financialstandards, marketsas duewell toas image risk; recalls that many defence technologies are dual-usedual–use in nature and thus generate significant spillover benefits for civilian innovation and the broader European economy; stresses the need to address persistent negativeensure perceptionsthat surroundingdefence-related defenceinvestments financing,are particularlyincluded inunder thesustainable bankingfinance sector;rules; urgescalls theon Commissionfinancial andactors theto Memberimprove Statestheir toproficiency enhancein informationanalysing and awareness-raising effortsprocessing regardingdefence-related EDTIBfinancing; financing,urges sothe asCommission to help financial actorsstep improveup theirits proficiencyinformation inand analysingawareness-raising andefforts processingregarding defence-relatedEDTIB financing;

Amendment 37

Or. en

Amendment 16

Motion for a resolution

10. Calls on the Commission and the European Securities and Markets Authority to replace the concept of ‘controversial weapons’ with that of ‘prohibited weapons’, in line with the definition set out in the Annex to Delegated Regulation (EU) 2025/[…], adopted as part of the Defence Readiness Omnibus; stresses that this definition is limited to those weapons expressly prohibited under binding international conventions; calls on private financial actors to restrict their exclusions to this consolidated list and to publish their investment policies; proposes that the inclusion in European financing of actors whose investment policies go beyond this exclusion be reviewed on a case-by-case basis;

10. AcknowledgesEmphasises the Commission delegated regulation (...)urgent amendingneed delegatedfor Regulationthe (EU)Commission 2020/1818and asthe regardsEuropean theSecurities definitionand ofMarkets controversialAuthority weaponsto replacingreplace the concept of ‘controversial weapons’ with that of ‘prohibited weapons’weapons’, in line with the definition set out in the Annex to Delegated Regulation (EU) 2025/[…], adopted as part of the Defence Readiness Omnibus; highlightsstresses that this definition is limited to those weapons expressly prohibited under binding international conventions; welcomescalls theon importanceprivate offinancial theactors legalto clarificationsrestrict intheir achievingexclusions theto Union’sthis goalsconsolidated inlist defenceand financing,to includedpublish intheir investment policies; proposes that the Defenceinclusion Readinessin Omnibus;European financing of actors whose investment policies go beyond this exclusion be reviewed on a case-by-case basis;

Amendment 38

Or. en

Amendment 17

Motion for a resolution

Paragraph 10 a (new)

Paragraph 11

Motion for a resolution

Amendment

10 a. Recalls that the sustainable finance framework aims at directing capital flows towards sustainable activities while not imposing limitations on the financing of the defence sector as publicly reaffirmed by the Commission; takes note in this regard of the Commission Notice of 17 June 2025 on the application of the sustainable finance framework and the Corporate Sustainability Due Diligence Directive to the defence sector confirming that the EU sustainable finance framework is compatible with investment in the defence sector and underlining that sustainability disclosures apply horizontally across all industries;

11. Calls on the Commission to publicly reaffirm that the EU Green Taxonomy does not prohibit investment in defence; calls for defence activities to be recognised within this taxonomy as contributing to UN Sustainable Development Goal 16 (‘Peace, justice and strong institutions’), as part of the prevention of armed conflict and as a guarantee of peace;

Amendment 39

11. Calls on the Commission to propose, as soon as possible, a revision of the Taxonomy Delegated act announced in the Commission notice of 17 June 2025 on the application of the sustainable finance framework and the Corporate Sustainability Due Diligence Directive to the defence sector, in order to publicly reaffirm that the EU Green Taxonomy does not prohibit investment in defence; calls for defence activities to be recognised within this taxonomy as contributing to UN Sustainable Development Goal 16 (‘Peace, justice and strong institutions’), as part of the prevention of armed conflict and as a guarantee of peace;

Or. en

Amendment 18

Motion for a resolution

12. Considers it essential to support a European market of specialised investors offering a continuum of financing (credit, private debt and equity) to companies in the EDTIB at all stages (start-ups, SMEs and mid-cap companies); welcomes the Commission and the EIB’s initiative to establish the Defence Equity Facility, with a budget of EUR 175 million for the period 2024-2027; encourages the EIB to increase this budget to EUR 1 billion in order to better meet the equity needs of the EDTIB and its value chain;

12. Considers it essential to support a European market of specialised investors offering a continuum of financing (credit, private debt and equity) to companies in the EDTIB and in the Ukrainian defence technological and industrial base (DTIB) at all stages (start-ups, SMEs and mid-cap companies); welcomes the Commission and the EIB’s initiative to establish the Defence Equity Facility, with a budget of EUR 175 million for the period 2024-2027; considers this fund entirely insufficient in view of financing needs and calls on the EIB to comply with the wishes of the Member States, as reiterated in Council conclusions, by increasing this budget to EUR 1 billion in order to better meet the equity needs of the EDTIB and its value chain, with particular attention to smaller actors facing the biggest financing gap; encourages the EIB to extend this instrument to the Ukrainian DTIB, as well as to design it so that it fosters partnerships and joint ventures between EDTIB and Ukrainian DTIB companies; underlines that eligibility conditions to access such financing protect the security and defence interests of the Union and its Member States;chain;

Amendment 40

Or. en

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Calls on the Commission to consider relaxing antitrust rules in order to facilitate intra-European consolidation in cases where strategic defence companies are brought under European control; calls, at the same time, on Member States to strengthen their controls on direct investments by foreign actors;

13. Calls on the Commission to consider defence readiness, security of supply, EU strategic autonomy, innovation-enhancing potential and reduction of dependencies on third countries in its competition policy; calls, simultaneously, on Member States to strengthen their controls on direct investments by third-country actors;

Amendment 41

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13 a. Highlights the significance of well-functioning capital markets for defence financing; calls on the Commission and Member States to accelerate progress on the Capital Markets Union/SIU agenda, specifically by improving access to equity, venture capital and financing for defence-sector SMEs; underlines that the Capital Markets Union/SIU is instrumental to scaling up defence financing;

Amendment 42

Motion for a resolution

Paragraph 13 b (new)

Motion for a resolution

Amendment

13 b. Stresses the importance of accelerating progress on the completion of the SIU and supporting a deeper, more liquid and integrated EU financial system that channels savings more efficiently into productive investments, such as the EU defence industry; highlights that the EU defence industry needs to substantially increase its capacity to meet the huge rise in demand for military products;

Amendment 43

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Welcomes the launch of the ‘Finance Europe’ label; notes that this label, which aims to channel private savings towards long-term investments in Europe’s real economy, promotes the equity financing of companies; encourages the Commission to support this initiative by proposing a European label as part of the Savings and Investment Union;

14. Welcomes the launch of the ‘Finance Europe’ label; notes that this label, which aims to channel private savings towards investments in Europe’s real economy, promotes the equity financing of companies; encourages the Commission to support this initiative by proposing a European label as part of the SIU, while ensuring it does not create an additional administrative burden;

Amendment 44

Motion for a resolution

Paragraph 14 a (new)

Motion for a resolution

Amendment

14 a. Welcomes the Commission recommendation on savings and investment accounts (SIAs); highlights that SIAs aim to boost retail participation in EU capital markets, thus contributing to their deepening and allowing for an increase in the EU investor base that would help finance EU strategic priorities, including defence; encourages the Commission to keep supporting this initiative; and calls on the Member States to follow the Commission recommendation on increasing the availability of savings and investment accounts;

Amendment 45

Motion for a resolution

Paragraph 14 b (new)

Motion for a resolution

Amendment

14 b. Welcomes the ongoing work aiming at using frozen Russian assets to finance Ukraine defence efforts, while addressing financial stability and litigation concerns;

ANNEX: DECLARATION OF INPUT

ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

The rapporteur declares under her exclusive responsibility that she did not include in her opinion input from interest representatives falling within the scope of the Interinstitutional Agreement on a mandatory transparency register1, or from representatives of public authorities of third countries, including their diplomatic missions and embassies, to be listed in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

INFORMATION ON ADOPTION IN COMMITTEE ASKED FOR OPINION

Date adopted

5.11.2025

Result of final vote

+ : 34

- : 8

0 : 7

Members present for the final vote

Georgios Aftias, Rasmus Andresen, Stephen Nikola Bartulica, Isabel Benjumea Benjumea, Gilles Boyer, Giovanni Crosetto, Fabio De Masi, Siegbert Frank Droese, Marco Falcone, Markus Ferber, Jonás Fernández, Claire Fita, Dirk Gotink, Michalis Hadjipantela, Eero Heinäluoma, Jaroslav Knot, Aurore Lalucq, Rada Laykova, Marlena Maląg, Jorge Martín Frías, Costas Mavrides, Fernando Navarrete Rojas, Denis Nesci, Luděk Niedermayer, Ľudovít Ódor, Nikos Papandreou, Gaetano Pedulla', Kira Marie Peter-Hansen, Sirpa Pietikäinen, Pierre Pimpie, Jaroslava Pokorná Jermanová, Jussi Saramo, Paulius Saudargas, Ralf Seekatz, Irene Tinagli, Pasquale Tridico, Lara Wolters, Stéphanie Yon-Courtin

Substitutes present for the final vote

Marc Botenga, Hanna Gronkiewicz-Waltz, Fernand Kartheiser, Arba Kokalari, Morten Løkkegaard, Marco Squarta, Mariateresa Vivaldini

Members under Rule 216(7) present for the final vote

Jaroslav Bžoch, Ana Catarina Mendes, Dan-Ştefan Motreanu, Birgit Sippel

FINAL VOTE BY ROLL CALL BY THE COMMITTEE ASKED FOR OPINION

34

+

ECR

Bartulica Stephen Nikola, Crosetto Giovanni, Nesci Denis, Squarta Marco, Vivaldini Mariateresa

PPE

Aftias Georgios, Benjumea Benjumea Isabel, Falcone Marco, Ferber Markus, Gotink Dirk, Gronkiewicz-Waltz Hanna, Hadjipantela Michalis, Kokalari Arba, Motreanu Dan-Stefan, Navarrete Rojas Fernando, Niedermayer Ludek, Pietikäinen Sirpa, Saudargas Paulius, Seekatz Ralf

Renew

Boyer Gilles, Løkkegaard Morten, Ódor Ludovít, Yon-Courtin Stéphanie

S&D

Fernández Jonás, Fita Claire, Heinäluoma Eero, Lalucq Aurore, Mavrides Costas, Mendes Ana Catarina, Papandreou Nikos, Sippel Birgit, Tinagli Irene, Wolters Lara

The Left

Saramo Jussi

8

-

ESN

Droese Siegbert Frank, Laykova Rada

NI

De Masi Fabio, Kartheiser Fernand

The Left

Botenga Marc, Pedulla' Gaetano

Verts/ALE

Andresen Rasmus, Peter-Hansen Kira Marie

7

0

ECR

Malag Marlena

PfE

Bzoch Jaroslav, Knot Jaroslav, Martín Frías Jorge, Pimpie Pierre, Pokorná Jermanová Jaroslava

The Left

Tridico Pasquale

Key:

+ : in favour

- : against

0 : abstentions