On facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report)

MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

on facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report)

(2024/2116(INI))

The European Parliament,

– having regard to the publication of 18 July 2024 by Commission President Ursula von der Leyen entitled ‘Europe’s choice: political guidelines for the next European Commission 2024-2029’,

– having regard to the report of 9 September 2024 by Mario Draghi entitled ‘The future of European competitiveness’ (Draghi report),

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

– having regard to the report of 25 April 2024 by Christian Noyer entitled ‘Developing European capital markets to finance the future’ (Noyer report),

– having regard to the Commission communications of 29 January 2025 entitled ‘A Competitiveness Compass for the EU’ (COM(2025)0030) and of 26 February 2025 entitled ‘The Clean Industrial Deal: A joint roadmap for competitiveness and decarbonisation’ (COM(2025)0085),

– having regard to the letter by President von der Leyen on defence to the European Council ahead of its meeting on 6 March 2025,

– having regard to the European Council conclusions of 6 March 2025 on European defence,

– having regard to the Commission communication of 19 March 2025 entitled ‘Savings and Investments Union. A Strategy to Foster Citizens’ Wealth and Economic Competitiveness in the EU’ (COM(2025)0124),

– having regard to the statement of the Eurogroup in inclusive format on the future of Capital Markets Union (CMU) of 11 March 2024,

– having regard to the high-level roadmap of May 2024 for follow-up to the Eurogroup statement on the future of CMU in Eurogroup inclusive format,

– having regard to the European Council conclusions of 17 and 18 April 2024,

– having regard to exploratory opinion ECO/665 of the European Economic and Social Committee entitled ‘Investments and reforms to boost European competitiveness and creating a Capital Markets Union’, adopted on 30 April 2025,

– having regard to the statement of the European Insurance and Occupational Pensions Authority (EIOPA) of 25 April 2024 entitled ‘How European insurers and pension funds can contribute to further strengthen the Capital Markets Union’, to its staff paper of 11 September 2024 entitled ‘A simple and long-term European savings product: the future Pan-European Pension Product’, to its costs and past performance report of 15 April 2025, and to its report of 7 November 2024 entitled ‘Prudential Treatment of Sustainability Risks’,

– having regard to the position paper of the European Securities and Markets Authority (ESMA) of 22 May 2024 entitled ‘Building more effective and attractive capital markets in the EU’, to the ESMA market report of 18 December 2023 entitled ‘Costs and Performance of EU Retail Investment Products 2023’, and to the ESMA opinion of 24 July 2024 entitled ‘Sustainable investments: Facilitating the investor journey – A holistic vision for the long term’,

– having regard to the ESMA report of 21 September 2023 entitled ‘The EU securitisation market – an overview’,

– having regard to the statement by the European Central Bank Governing Council of 7 March 2024 on advancing the Capital Markets Union,

– having regard to the Commission proposal of 12 February 2025 for a regulation of the European Parliament and of the Council amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union (COM(2025)0038),

– having regard to the European Tech Champions Initiative launched in February 2023,

– having regard to the report of its Committee on Economic Affairs of 17 June 2025 on the financial activities of the European Investment Bank – annual report 2024,

– having regard to its resolution of 8 October 2020 on further development of the Capital Markets Union (CMU): improving access to capital market finance, in particular by SMEs, and further enabling retail investor participation,

– having regard to its resolution of 9 July 2015 on Building a Capital Markets Union,

– having regard to Rule 55 of its Rules of Procedure,

– having regard to the opinion of the Committee on Budgets,

– having regard to the report of the Committee on Economic and Monetary Affairs (A10-0124/2025),

A. whereas the Draghi report pointed out severe shortcomings with regard to the general competitiveness of the European economy and a lack of productivity growth, and suggested that the solution lies in attracting investment, including through unlocking private capital, with the creation of the savings and investments union; whereas the Draghi report estimated that a minimum of EUR 750 to 800 billion in additional annual investment is required to reignite sustainable growth, restore EU productivity, support competitiveness, foster innovation, support the EU’s energy transition, enhance its leadership in digital technology, deliver on the EU’s environmental and social objectives and increase defence and security, and reduce dependencies; whereas such an amount corresponded to 4.4-4.7 % of EU GDP in 2023;

B. whereas the report notes that no company in the Union with a market capitalisation above EUR 100 billion has been created as a new entity in the last 50 years, while in the same period, six companies valued at over one trillion dollars were created in the United States;

C. whereas the ReArm Europe plan consists of five pillars aimed at financing Europe’s security and defence, covering both public investments and the savings and investments union;

D. whereas the ongoing trade wars and tariff disputes are causing significant uncertainty in global markets, negatively impacting growth, inflation and employment forecasts, particularly affecting cross-border investments and disrupting established supply chains; whereas the imposition of tariffs and trade barriers undermines the benefits of trade and competitive markets; whereas such geopolitical tensions create additional risks for investors, reducing confidence and hindering the flow of private capital across borders, which is crucial for funding innovation, start-ups and growth companies; whereas the instability caused by these trade conflicts risks slowing down the development of the CMU by discouraging investment in the European market, particularly in high-risk sectors that rely heavily on global trade networks;

E. whereas the ongoing geopolitical uncertainties impact macroeconomic indicators, increase volatility on financial markets and weaken the US dollar; whereas this could reinforce the position of the euro as a more prominent global currency, bolstering Europe’s economic sovereignty and resilience;

F. whereas historically in Europe the private sector has contributed around four fifths of productive investment, while the public sector has contributed the rest;

G. whereas the overall levels of productive investments in the EU have been significantly lower than in the United States over the past two decades;

H. whereas only 18 % of European citizens possess a high level of financial literacy, as highlighted by the financial literacy monitor prepared by the Commission; whereas the majority, 64 %, have an average level of financial knowledge, and 18 % a low level of financial literacy, creating a significant gap in the financial capabilities of European citizens; whereas only four Member States have high levels of financial knowledge, namely the Netherlands, Denmark, Sweden and Slovenia; whereas increasing financial literacy could enable individuals to make informed decisions about savings, investments and retirement planning, thus improving their long-term financial well-being; whereas strengthening financial education across the EU is necessary to equip citizens with the skills needed to navigate increasingly complex financial markets and take full advantage of investment opportunities, which will contribute to the growth of the economy;

I. whereas according to the Draghi report, EU household savings in 2022 were EUR 1 390 billion, compared with EUR 840 billion in the United States;

J. whereas financial securities (listed shares, bonds, mutual funds and derivatives) directly held by households currently account for 43 % of US household wealth, but only 17 % of EU household wealth;

K. whereas EU households saved 14.79 % of their disposable income (more than three times the US level of 4.7 %) and EU citizens held 31.01 % of their savings (EUR 11.63 trillion) in currency and deposits (compared with 12.1 % in the United States), which offer only limited returns; whereas they held 36 % (EUR 13.42 trillion) in equity and investment fund shares (49.1% in the United States) and 27 % (EUR 10.06 trillion) in insurance, pensions and standardised guarantees (27.5 % in the United States);

L. whereas as much as EUR 8 trillion could be shifted towards market-based investment instruments – or a flow of around EUR 350 billion annually – if EU households adjust their allocation between deposits and financial assets to reflect the structure observed in US households;

M. whereas European households invest approximately EUR 300 billion annually outside the EU, primarily in the United States; whereas this amount is comparable to the additional capital that could be mobilised within the EU under more market-oriented conditions;

N. whereas around 70 % of corporate financing in the EU is in the form of borrowing from banks, by contrast with the United States, where around 77 % of corporate funding is financed through capital markets;

O. whereas according to the Draghi report, between 2008 and 2021, 147 European ‘unicorns’ – start-ups that went on to be valued at or above USD 1 billion – were founded, of which 40 relocated their headquarters abroad, mainly to the United States; whereas the administrative burden of the Union is estimated at around EUR 150 billion (1.3 % of annual GDP), internal barriers are, according to the International Monetary Fund (IMF), presented as a 100 % tariff in the internal market and only 4 of the world’s top 50 tech companies are European;

P. whereas research and development spending accounted for 2.2 % of GDP in the EU in 2023, but for 3.4 % in the United States and 2.6 % in China, while the 2000 Lisbon strategy set a research and development spending objective of 3 %; whereas of all the research and development expenditure within the EU, the private sector accounted for a share of 66 %, compared with 78 % in the United States and 77.7 % in China;

Q. whereas according to the IMF, the remaining non-tariff barriers constraining intra-EU trade are estimated to be at a tariff level of around 45 % for the average manufacturing sector (three times the level estimated among US states) and at 110 % for the average services sector; whereas among reported barriers in the single market, small- and medium-sized enterprise (SMEs) highlighted VAT at 17%, market access at 12%, finance at 10% and market requirements at 6%;

R. whereas the European capital markets are highly fragmented, with a significant number of trading venues operating across the continent and notably, as at March 2023, there were 295 trading venues, 14 Central Counterparties (CCPs) and 32 Central Securities Depository (CSDs) in the EU; whereas 56-68 % of on-venue trading in 2023 took place on the domestic exchange for the five major Western European equity indices (AEX 25, CAC 40, DAX 40, IBEX 35 and MIB 40);

S. whereas the integration of capital markets, while necessary, is not sufficient on its own to achieve the targeted increase in investment; whereas tax and insolvency regimes across Member States remain substantially unaligned;

T. whereas according to the Letta report, tax fragmentation remains a major barrier for EU businesses and SMEs in particular, and a better alignment through a more coordinated EU tax framework is key to facilitating the free movement of workers, goods and services and in supporting growth and private investment;

U. whereas the lack of exit opportunities for investors constitutes a key factor in the underdevelopment of venture and growth capital funds in the EU; whereas the EU relies excessively on bank financing;

V. whereas the EU budget should have competitiveness as one of its central areas of focus, promote commonly agreed strategic priorities and fund European public goods, thereby contributing to higher productivity while ensuring economic, social and territorial cohesion; whereas stronger coordination between the EU and Member State budgets is necessary to avoid fragmentation in the single market and to boost the overall impact of public investments;

W. whereas safe assets have been issued at EU level by European issuers such as the European Investment Bank, the European Financial Stability Facility, the European Stability Mechanism and, since 1976, the European Economic Community and then the EU itself;

X. whereas equity financing has significant untapped potential in supporting the growth and innovation of EU companies;

Y. whereas the current largest risk-sharing instrument of the Union is the InvestEU programme; whereas most of the implementing partners remain focused mainly on the lower-risk scope of investment;

Z. whereas political resistance and divergent national interests have prevented reaching consensus on the achievement of a CMU;

Building a shared vision for Europe’s productivity and the need for sustainable growth

1. Calls for a general mobilisation of all legal, administrative and financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, including enhancing the resilience and protection of critical infrastructure – such as electricity, water and communication systems – to safeguard EU citizens and businesses and mitigate the impact of blackouts and other major disruptions, accelerating and investing in transitions, enhancing competitiveness, generating sustained economic growth, creating quality jobs, supporting SMEs and contributing to upward social convergence and cohesion, in a context of geopolitical instability and international tensions; highlights that Europe is lagging behind, and the risk of our region becoming irrelevant could arise if no further action is taken;

2. Welcomes the renewed debate on the need to restore EU competitiveness and productivity and economic growth, boosted by the Draghi and Letta reports; recalls that productivity gains could be achieved mainly through investments in innovative activities, including in the transitions; points out that competition can stimulate productivity, investment and innovation;

3. Embraces the Draghi and Letta reports as one of the numerous wake-up calls for European and national decision-makers, as well as a starting point for action to foster both private and public investments, and notably for the tech sectors in transition, the transitioning automotive sector and heavy industries such as the steel and chemicals industries; welcomes the fact that the Commission acknowledges the role of public finance in mobilising private finance and supporting innovation in the EU; points out that the lack of progress in integrating EU financial markets has often been due to reservations on the part of the Member States; calls on the Member States to make use of the existing momentum and work together with Parliament to truly advance the integration of EU financial markets; recalls that the European Union’s efforts to complete the CMU have not yielded a definitive result since 2015; encourages all parties to make efforts towards achieving a savings and investments union as soon as possible;

4. Notes with concern the risks of negative shocks to economic growth and the ongoing turmoil in financial markets and geopolitical uncertainties that could threaten the prosperity of European citizens, workers and businesses in particular; notes that geopolitical uncertainties have already significantly increased financial market volatility and contributed to the weakening of the US dollar, and that security is a precondition for sustainable growth;

5. Recognises that the EU’s robust regulatory framework has contributed to its financial stability; considers that this legislative stability and predictability could become a genuine comparative and competitive advantage, as these factors are critical for international investor confidence; highlights the intrinsic link between the rule of law and sustainable and competitive economic growth; highlights that the robustness of the financial sector is a key element of its competitiveness;

6. Acknowledges the work that has taken place to build a capital markets union up to now, starting with the ‘Action Plan on Building a Capital Markets Union’ in September 2015; regrets that progress in integrating EU capital markets since then has been limited and calls for this process to be accelerated; welcomes, in this respect, the adoption of the Commission communication entitled ‘Savings and Investments Union - A Strategy to Foster Citizens’ Wealth and Economic Competitiveness in the EU’ that outlines various policy initiatives and aims to integrate EU financial markets and to channel savings into investments effectively;

7. Highlights the importance of strengthening confidence in the banking system, and that ensuring financial stability and promoting an efficient single market are fundamental EU objectives; recognises that the completion of the Banking Union must be a strategic priority in deepening the Economic and Monetary Union; calls on the Council to speed up the adoption of remaining legislation to secure its financial stability framework and to finalise the Banking Union;

8. Insists on the urgency of taking action, speeding up decision-making, reducing implementation delays and accelerating decisions regarding EU instruments and support mechanisms;

9. Considers that the Union must advance with its CMU to leverage private sector investments; emphasises that it will also require public sector support to deliver the minimum annual additional investment needed to restore a sustainable and innovative industrial sector and anchor the Union’s prosperity; highlights that an increase in productivity would also generate a larger fiscal space;

10. Highlights that too much capital is not used productively in the EU; highlights that businesses, especially SMEs, are unable to take full advantage of existing capital markets in Europe for financing and investment;

11. Regrets the fact that many EU-based entrepreneurs feel the need to relocate to gain easier access to finance and resources; notes with concern that the lack of large-scale venture capital funds and financially viable exit possibilities in the EU propel them to scale up with foreign investments and in foreign markets; notes that this is due to the lack of an integrated CMU in the EU and to the fact that EU markets are not yet able to meet their needs; recalls that the EU generates more start-ups than the United States per year and that the return on venture capital investments is around 6 % higher in the EU than in the US, underlining the need for EU institutions to foster a more attractive and supportive environment for innovation and growth; concurs with the Draghi and Letta reports that the EU should further develop its venture capital markets, and consequently stresses the importance of developing a strong ecosystem for venture capital and investment in the EU and calls for the formation of venture and risk capital for companies to obtain investment in our markets, such as sufficiently large European growth and buyout funds; highlights that public support to venture capital markets should prioritise projects aligned with EU priorities;

12. Highlights that European financial markets need to be attractive and easy to access for both issuers and investors; underlines that this applies to both primary and secondary markets; highlights that the decision to list on a regulated market often comes with additional requirements for companies, also to protect investors; notes that such requirements can be perceived as a disadvantage of going public; calls on the Commission to continuously monitor and reduce the administrative and compliance costs for publicly listed companies, in particular for small and medium companies; welcomes the recently adopted Listing Act as a first step in this regard, making it easier for companies of all sizes, including SMEs, to list on European stock exchanges; calls for a pragmatic implementation of the Listing Act and calls on the Commission to further build on this initiative, in particular as regards equity research for SMEs and by strengthening SME growth markets, which have helped smaller companies to go public;

13. Stresses that public investment plays a crucial role in complementing private investment; urges the Commission to issue proposals that will aim at mobilising additional capital to also support the objectives set out in Article 3 of the Treaty on European Union (TEU); believes that financial instruments and budgetary guarantees represent an efficient use of resources to advance key EU policy objectives; reiterates that well-designed budgetary guarantees and financial instruments, when based on market needs, are a highly efficient use of limited EU budgetary resources to de-risk investment and crowd in private capital;

14. Emphasises that public resources should be focused on ensuring the quality, efficiency, sustainability and accessibility of public services and infrastructure, especially those related to services of general interest, while catalysing private investment in innovative and clean technologies and industries under well-defined conditions;

15. Emphasises that closing the investment gap is not solely a matter of mobilising large financial volumes, but of ensuring that the EU is equipped to channel funds into productive investments; underlines that institutional capacity, regulatory clarity and project quality are critical to the effective use of public and private capital; notes, in this respect, that, on account of a number of factors, including limited access to a broader market portfolio, product quality and fees, many EU products do not offer sufficient returns;

16. Recalls that productivity gains could be achieved mainly through investments in innovative activities; recalls that the target of investing 3 % of GDP in research and innovation is still far from being achieved; calls on the Commission and the Member States to ensure sufficient financing and tools to achieve that target;

17. Regrets that the low level of financial education in many Member States represents a significant challenge to citizens’ economic autonomy and to the development of a strong and competitive economy; recalls that poor financial education hinders the population’s ability to make informed decisions about saving, investing and retirement planning; affirms that this gap in financial education hinders the development of an investment culture that is crucial for economic growth; underlines the importance of an ambitious, measurable and determined EU strategy to promote financial literacy in Europe, empowering citizens to better protect and mobilise their savings and to build on a more attractive capital market;

Mobilising private investment and easing access to finance by developing a savings and investments union

18. Welcome the self-imposed goal by the Commission to be an ‘investment Commission’ and unlock the financing needed for the green, digital and social transitions, to maximise synergies between public and private investment, and to leverage and de-risk private capital;

19. Believes that the attractiveness of EU capital markets will be increased by further integration of the EU internal market in a way that fosters competition among EU companies, the creation of economic opportunities for private investments and simplification, allowing higher returns for citizens and companies; underscores that returns are, however, undermined by the high costs associated with investments in European financial markets; calls on the Commission and the Member States to develop solutions, whether legislative or otherwise, to foster the creation of an integrated EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors while ensuring consumer protection and safeguarding financial stability; recalls that the prospect of higher investment returns is a key incentive for retail investor participation in capital markets; stresses, in this regard, that the CMU will not be possible without completing the Banking Union;

20. Notes that European capital markets currently remain highly fragmented, with European investment funds remaining nearly seven times smaller than US funds; considers that this harms the competitiveness of the EU investment fund sector vis-à-vis global competitors, as fund size is a key factor influencing the costs charged to end-investors; believes that a more integrated cross-border fund market in the EU could lead to increased fund sizes over time and to efficiency gains that, if passed on to retail investors, could help to lower costs and deliver better value for money for end-investors;

21. Believes that the CMU will benefit consumers and SMEs by offering high-yield investment opportunities in the real economy and eventually boost the venture capital market by improving access to diversified funding sources; believes that financing European scale-ups with European capital should be a priority, as exemplified by the European Tech Champions Initiative launched in February 2023 to finance promising European tech companies;

22. Considers that venture capital should become more widely accessible to companies as an alternative to traditional bank lending in order to diversify funding sources; calls on the Commission to propose measures to enhance this type of financing for EU companies;

23. Points out that the size, depth and liquidity of capital markets vary greatly from Member State to Member State, with some Member States having been significantly more successful in providing attractive primary and secondary markets for businesses and inducing citizens to invest in those markets; calls on the Commission to identify best practices and integrate them into the savings and investments union workstream;

24. Considers that private capital will be instrumental in closing the investment gap identified by the Draghi report in the most efficient manner;

25. Supports the integration of institutional frameworks and market structures; reiterates its call to foster the process of supervisory convergence led by ESMA, including by granting ESMA direct supervisory powers where this brings European added value – for example, over pan-European market infrastructures – in order to enhance the competitiveness of European listing markets and improve the efficiency of the supervisory landscape and collaboration with the national competent authorities (NCAs); recalls that ESMA already has direct supervisory powers over several financial entities, such as credit rating agencies, trade repositories and Tier 2 Central Counterparties located outside the EU;

26. Recognises also that harmonised supervision does not always require a single supervisor but can also be achieved through the convergence of national supervisory practices, where this is more appropriate; supports, therefore, the Commission’s intention to propose measures to strengthen supervisory convergence tools and make them more effective, and to achieve more unified direct supervision of capital markets by transferring certain tasks to the EU level;

27. Points out that any increase in the powers of the European supervisory authorities (ESAs) should go hand in hand with a commensurate increase in the level of the ESAs’ accountability; considers that the governance of ESMA should be revised to guarantee the efficiency and independence of ESMA’s decisions; supports the proposal in the Draghi report to grant ESMA a more European governance structure and to establish strong cooperation with national supervisory authorities, drawing on the model of the Single Supervisory Mechanism or the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA);

28. Considers that the ESAs should be adequately funded in order to be able to carry out their duties, including by involving financial institutions and financial market participants from supervised firms;

29. Stresses the importance of a strong role for the European Central Bank (ECB) in overseeing systemically important market infrastructures, in line with its responsibilities under the Treaty on the Functioning of the European Union (TFEU) and the SIPS Regulation; believes that the ECB should actively contribute to enhancing the interoperability, resilience and integration of EU-wide trading and post-trading systems, particularly through its oversight of platforms such as TARGET2-Securities;

30. Stresses that the administrative burden and compliance costs that occur in a cross-border context could already be addressed through better coordination and cooperation among national supervisory authorities, e.g. in the area of data sharing; calls on the Commission and the ESAs to move towards a ‘report only once’ regime; considers the European Single Access Point to be an important initiative in this regard and calls for its timely implementation; suggests that ESMA could also become a central data hub, centralising the reporting of entities subject to reporting requirements under MiFiR and EMIR;

31. Urges the Commission to develop proposals to support the relocation of clearing activities to the EU; regrets the current situation, in which the bulk of the EU clearing business is conducted outside of the EU; looks forward to an ambitious delegated act on active accounts under EMIR 3.0; invites the European Commission to continuously assess the development of clearing activities and the impact of the regulation, and to put forward further legislative proposals to strengthen the EU’s clearing ecosystem;

32. Welcomes the Commission’s announcement of an ambitious package of legislative proposals to strengthen the trading and post-trading ecosystem in the European Union, remove barriers to cross-border activity and make the framework fit for new technologies; expects that such a proposal could help address market fragmentation in the EU; stresses, however, that most initiatives towards market consolidation should be market-driven;

33. Recognises the need for efficient and liquid capital markets to boost investments, including a competitive post-trading market infrastructure; welcomes the Commission’s legislative proposal to introduce a targeted amendment to the Central Securities Depository Regulation (CSDR) with the aim of shortening the settlement cycle in the EU from two days (‘T+2’) to one (‘T+1’) for transactions in transferable securities executed on trading venues; points out that this initiative allows the EU to catch up with other jurisdictions that have already completed the move to T+1 and avoids misalignment; expects that the proposal will increase the efficiency and resilience of EU capital markets, including through lower risks of settlement fails, quicker availability of securities and funds and lower margin requirements; notes with concern that other jurisdictions, such as the United States and India, are exploring or piloting T+0 settlement cycles; calls on the Commission to urgently initiate a technical and regulatory assessment of the feasibility of moving to T+0 settlement, in close coordination with market infrastructures, central banks and market participants; highlights that further shortening the settlement cycle would reduce systemic risk, enhance market efficiency and strengthen the attractiveness of EU capital markets globally;

34. Notes that streamlining administrative procedures can improve the EU’s attractiveness as an investment destination; considers that aligning Member States’ legislative frameworks, while preserving national competences and minimum standards, should be part of the simplification agenda to ease cross-border activities; recalls that relying on regulations rather than directives would reduce divergences in the implementation of EU legislation, including gold plating, and thereby support the ongoing simplification exercise; calls on the Commission to apply the Better Regulation principle, guaranteeing harmonisation where impact assessments indicate a clear added value and tackling fragmentation; underlines the possible gains from streamlining the EU Sustainable Finance Framework, as highlighted in the Draghi report, particularly through enhanced clarity, consistency and guidance; notes, in this regard, the Commission’s Sustainability Omnibus Package;

35. Considers that the first step towards simplification consists in efficient legislation; calls on the Commission to ensure the involvement of the ESAs in the decision-making process for Level 2 and Level 3 mandates to guarantee that these mandates are evidence-based, proportionate and tailored to the needs of the financial sector; invites the Commission and the ESAs to also evaluate how to reduce the number and complexity of upcoming delegated acts, implementing acts, Q&As and guidelines; stresses that the ESAs should strictly adhere to the mandate provided by the European legislator;

36. Welcomes the recent adoption of the Listing Act, which will make it easier for companies of all sizes, including SMEs, to list on European stock exchanges; underlines that the Listing Act’s Level 2 provisions should contribute to a more accessible and cost-effective listing environment across the Union;

37. Calls on the Commission to address the fragmentation of national insolvency frameworks and to establish effective mechanisms for resolving cross-border disputes; underlines that greater legal convergence and procedural clarity are essential to reduce barriers to cross-border investment and to support deeper integration of EU capital markets;

38. Remains committed both to achieving the overall objectives of the sustainable finance framework and to mobilising public and private investments in the transitions; recalls that revenues from the Emissions Trading System will be key to supporting investments for climate- and energy-related purposes under the budgets of both the Member States and the Union; takes notes that the Commission reasserted its ambition to remain the global leader in sustainable finance at the start of its current term; notes that the Commission is currently critically assessing all elements of the sustainable finance framework and might come forward with simplification proposals;

39. Calls on the Commission to adopt a proposal for reviewing the Sustainable Finance Disclosure Regulation (SFDR), including addressing greenwashing risks;

40. Stresses that high energy prices negatively impact EU competitiveness; welcomes, in this regard, the proposal made in the Draghi report; calls for the application of the ‘same activity same rule’ principle and for a review of the ancillary activity exemption that enables non-financial companies to trade on energy derivatives markets without being subject to the same scrutiny as financial entities;

41. Highlights that companies that access capital markets experience significant growth, as this enables them to fund their expansion, innovation and development projects; contends that by obtaining resources from a broader base of investors, these companies can diversify their funding sources; believes that stimulating initial public offerings (IPOs) is essential for the growth of European businesses and the further integration of EU capital markets; calls for the implementation of measures that reduce regulatory barriers and enhance access to capital, ensuring that SMEs can easily access capital markets without excessive costs or complexity;

42. Fears that without a clear and coordinated strategy, the number of IPOs in the EU will remain limited, hindering the growth potential of European companies and reducing the attractiveness of EU markets for global investors;

43. Recalls that EU regulations, such as the Prospectus Regulation and MiFID II, have made strides in improving transparency and market efficiency, although more can be done to streamline processes for companies looking to go public; highlights the need for further harmonisation of market practices across Member States to create a truly single capital market; defends the application at EU level of best practices;

44. Notes that the Union’s current tax framework, with 27 different corporate tax systems, can create barriers to businesses and cross-border investment in the internal market; believes that innovative companies could benefit from a single set of EU-wide rules, where relevant, and common practices; notes, in that regard, the ‘Business in Europe: framework for income taxation’ proposal establishing a single set of rules for calculating companies’ corporate tax bases; recalls that several legislative initiatives in the field of taxation are still on hold and that it is important to guarantee certainty, predictability and stability; takes note of the Commission’s clarifications of which initiatives are to be withdrawn in the field of taxation;

45. Recalls that most taxation matters fall within the national competence of the Member States; stresses, however, that a more coordinated framework for corporate taxation could help to cut compliance costs and reduce the administrative burden, and also to create a level playing field for businesses operating across the internal market, encourage expansion, enhance legal certainty and stimulate investments and growth in the Union; urges the Member States to speed up negotiations on depreciation rules, in particular; invites the Commission to explore and assess the benefits and drawbacks of the option of the 28th regime;

46. Calls on the Commission to implement measures that incentivise both domestic and external investors to participate in European capital markets; calls on the Commission to provide technical support to Member States in designing and implementing tax policies that encourage investment;

47. Takes note of the Draghi report’s recommendation to provide tax incentives in support of developing strategic sectors; considers that tax incentives linked to investment products should prioritise investments made in Europe to support European competitiveness;

48. Welcomes, as a first step and to reduce the complexity and fragmentation of the internal market, guidelines from the Commission on the design of tax incentives, while respecting the national competences of Member States;

49. Calls on the Commission to address existing barriers to cross-border retail investments, such as overly complicated procedures to recoup withholding taxes and the lack of EU-wide minimum standards for general shareholders’ meetings;

50. Underlines that capital market integration is a necessary pillar of the Union’s investment strategy, which can, where efficient, be complemented by carefully designed incentives on long-term products to maximise impact;

51. Calls on the Commission to develop proposals aimed at facilitating the channelling of savings via long-term saving products to productive investments, building on national experiences that have demonstrated strong retail uptake; asks the Commission to explore solutions and study ideas such as creating an EU investment savings account that would be accessible to all EU citizens or a label at EU level for investment products suitable for retail investors on the basis of common criteria or features such as ‘non-complex products’, proportionate costs, a long-term investment focus, asset allocation and risk mitigation techniques; urges the Commission to introduce a simplified and streamlined advice segment or guided execution only segment for products labelled as basic and simple; asks, in particular, that the Commission assess the added value and effectiveness of, and the appetite of companies and citizens for, a label for investments that offer reward opportunities for investors globally or that are sustainable and mostly located in the EU (Invest or Made In Europe label); stresses that such an initiative should aim to generate additional savings while safeguarding, and where possible enhancing, the diversity of products, distributors and market structures across the Union; notes that some Member States are moving forward with a ‘Europe of the willing’; urges the Commission and the Member States to be as ambitious as possible and to move forward as a bloc;

52. Takes note of the launch of the ‘Finance Europe’ European Long-Term Savings label by seven Member States in association with their national financial industries; notes that the criteria for such a label include a portfolio allocation in which at least 70 % of assets are invested in European companies, a minimum investment duration of five years, a substantial part invested in equity and possibly nationally designed tax incentives;

53. Recalls that existing pan-European products, such as European long-term investment funds (ELTIFs) and pan-European personal pension products (PEPPs), have so far had difficulties gaining meaningful traction among retail investors; acknowledges ongoing reforms aimed at enhancing their appeal, but stresses that experience shows that regulatory design alone is insufficient to drive uptake;

54. Stresses that strong consumer protection is essential to foster trust and boost participation in European investment products; underlines the need for clear disclosures, transparent and low fee structures, access to basic financial services to promote financial inclusion, robust regulation of digital tools such as artificial intelligence (AI) deployed by financial institutions when selling and providing advice on European financial products and robust regulation and standardisation of financial products, complemented by targeted financial education initiatives;

55. Urges the Commission to support the development of a European Capital Markets Union Index Family based on data that will be made available under the future EU-wide Consolidated Tape, which would give greater visibility to smaller and less liquid national markets in the EU and allow European citizens to easily invest in mid- and small-cap equities across all EU Member States; considers that this index family should cover all publicly listed stocks in the EU and should allow sub-indices for individual countries, regions and sectors to meet the diverse needs of investors, issuers and their exchanges; stresses that the development and management of the indices, as well as their use by market participants, should be cost-efficient in order to minimise the burden on market participants and maximise positive second-round effects, such as increased stock listings and new financial products;

56. Highlights the importance of improved access to up-to-date pricing and product information for retail investors, and to opportunities for bespoke offerings; calls for measures to make such information more easily accessible;

57. Recalls that pension systems and their financing models largely depend on national specificities; stresses that pensions help protect pensioners, build capital markets and mobilise investment systems, and must prioritise stability, solidarity and the provision of adequate and predictable income in retirement; highlights that strong retail saver protection safeguards should be considered in the development of pillar 2 and pillar 3 pension products;

58. Believes that pension tracking systems can give European citizens a clearer overview of the pension entitlements that they can expect in retirement; urges the Commission to ensure that all Member States introduce simple and transparent pension tracking systems that are easily and freely accessible to citizens;

59. Points out that intermediaries such as pension funds and insurance undertakings play a key role in channelling private savings into productive investments; expects that the Commission will adopt an ambitious delegated act on long-term guarantees and long-term equities under Solvency II that fully reflects the agreement reached by the co-legislators on the Solvency II amending directive and takes into consideration the relevant recommendations of EIOPA;

60. Expects the Commission to develop solutions that allow companies, including growing start-ups, microenterprises and SMEs, to scale up and list within the EU; asks, therefore, that the future EU start-up and scale-up strategy include a chapter on finance, in particular on venture capital, outlining the right incentives for European start-ups and scale-ups not to relocate to countries outside the EU and aimed at creating an attractive and open investment environment that welcomes both EU and global investors wishing to invest in the Union; highlights the importance of attracting talent to the EU in order to ensure long-term economic growth, innovation and global competitiveness; highlights the need to deepen the integration of EU primary markets by advancing regulatory convergence and facilitating cross-border listings; recognises that SME growth markets are a vital entry point into capital markets for SMEs and should be made more accessible through streamlined requirements;

61. Calls for targeted support at EU level to ensure that research results reach the market more effectively, especially in Member States with weaker innovation ecosystems; underlines the importance of connecting research institutions with start-ups and industry;

62. Supports investor exits from private companies by promoting mechanisms such as multilateral intermittent trading of privately held shares, thereby improving liquidity and transparency, and enabling early-stage investors to realise returns; considers that such mechanisms should be designed specifically to facilitate cross-border trading across EU Member States while preserving shareholder rights, especially for minority shareholders;

63. Calls on the Commission to prioritise an ambitious savings and investments union agenda that incentivises private investment, sustains financial stability and consumer protection, favours access to venture capital and equity investment to enable SMEs to benefit from greater market integration, ensures access to markets for retail investors, boosts financial literacy, and reduces over-reliance on and complements bank lending, while also providing incentives for sustainable activities;

64. Believes that increasing financial awareness and trust is essential to create a successful CMU and mobilise private investments; notes with concern that financial literacy remains low across the Union, with only 18 % of EU citizens demonstrating a high level of financial literacy; underlines that knowledge levels vary significantly across Members States and demographic groups; calls for a clearer focus on financial literacy, since there is a need to improve EU citizens’ level of understanding of investment products;

65. Considers that increased financial education initiatives should be fostered within the EU to increase citizens’ understanding of the benefits of capital market participation and help individual investors make well-informed investment decisions; welcomes the Commission’s proposal for a new strategy and calls for it to be sufficiently ambitious to significantly improve education levels across Europe, ensuring lasting change; highlights the urgent need to adopt measures to promote more accessible and equitable financial education throughout the EU, respecting national competences; believes that the Commission and Member States should fund initiatives by consumer organisations, individual investor associations and shareholder organisations that promote understanding and foster retail participation in capital markets; urges the Commission to support the development of independent, user-friendly digital tools that could empower citizens to easily compare the various features and characteristics of investment products available on the market;

66. Emphasises that financial education initiatives cannot replace a strong investor protection framework; points out that financial literacy initiatives may be limited in their impact, given the inevitable behavioural limitations and cognitive biases affecting individual investors, and the speed of innovation and sheer complexity of financial markets; believes that initiatives at EU and Member State level to support the standardisation and simplicity of financial products could enhance EU citizens’ understanding of investment products and improve their comparability;

67. Calls on the Commission and the Member States to increase their focus on digitalisation in the financial services sector in order to take advantage of the new opportunities offered by AI, data sharing and new technology, and to remain competitive internationally;

68. Calls on the Commission to facilitate long-term equity investments by institutional investors, including banks, insurers, pension funds and investment funds;

69. Supports the establishment of a fully fledged European deposit insurance scheme; acknowledges that risk sharing and risk reduction are interlinked;

70. Notes that securitisation can 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 and weaken its financial stability;

Making the best use of public resources to close the productivity gap

71. Recalls the importance of fiscal buffers to support public investment; acknowledges, in particular, that under the fiscal rules framework the Member States should maintain, as a minimum, the level of nationally financed public investment for the duration of their national medium-term structural plans, relative to the medium-term level prior to the start of the plan;

72. Notes that the private sector is unlikely to be able to finance the lion’s share of the investment necessary to digitalise and decarbonise the economy without public sector support; believes that the urgency of measures on competitiveness, defence, energy and decarbonisation will require substantial mobilisation of private and public investments, including public-private partnerships where relevant;

73. Points out, however, that public debt levels across the EU are high and fiscal space is limited; stresses, therefore, that any public support measure aimed at mobilising private investments must be well targeted; points out that de-risking initiatives, e.g. via public guarantees, have proven successful in achieving that goal;

74. Stresses that the increased impact and frequency of natural disasters would entail massive costs for public finances; notes that these future costs are currently not taken into account in the debt sustainability analysis;

75. Expects the Commission and Member States to take ambitious and concrete steps to avoid a slump in public investment after 2026, when, with the prospect of a major trade war which might impact the allocation of investments, the Recovery and Resilience Facility (RRF) and the InvestEU Programme are also set to expire; takes note of the RRF’s fundamental flaws, such as not involving regional and local authorities from design to delivery through a place-based and multilevel governance approach; highlights the need to sustain public investments at both national and European level to leverage private investment and finance high-quality public services and infrastructures; 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, which could also represent a step towards a common safe asset; welcomes, therefore, the proposal on the Omnibus package for InvestEU, which will mobilise a significant amount of additional investment for the remainder of the multiannual financial framework;

76. Points out that there is a need for effective coordination of national fiscal policies in order to maintain sufficient levels of public investment for the EU;

77. Notes that, in order to comply with the EU fiscal framework, EU governments are expected to pursue a restrictive fiscal stance in 2025 which could be at odds with the EU’s investment needs; emphasises that as EU governments struggle with their respective fiscal burdens, EU-wide investment instruments are needed to close the investment gap;

78. Recalls that the NextGenerationEU recovery fund is the largest stimulus package ever funded by the EU to support economic recovery and the green and digital transitions; points out that central questions in relation to refinancing NextGenerationEU still remain unresolved; calls on the Council to adopt new own resources as a matter of urgency in order to enable sustainable repayment of NextGenerationEU borrowing; considers that all instruments and tools should be explored in order to provide the Union with the necessary resources;

79. Notes that issuing a common safe asset could set a benchmark that would facilitate the achievement of the CMU, improve the transmission of monetary policy across the euro, reinforce the international role of the euro and address some of the investment needs identified in the Draghi report; reiterates, in this respect, that joint borrowing through the issuance of EU bonds presents a viable option to ensure that the Union has sufficient resources to respond to acute Union-wide crises such as the ongoing crisis in the area of security and defence; calls on the Commission to advance the discussions on addressing the significant investment gap in the EU identified by the Draghi report, and to present concrete proposals for financing solutions;

80. Welcomes the Commission’s intention to enhance retail investor participation in European financial products in collaboration with the European Investment Bank (EIB) Group, the European Stability Mechanism and national promotional banks; recommends that safe assets issued at EU level be incorporated into savings products for workers;

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;

83. Welcomes the EIB Group’s commitment, outlined in its 2024–2027 Strategic Roadmap, to helping advance the CMU by mobilising private capital for productive investments and supporting gains in key EU policy areas, innovation throughout companies’ life cycles, venture capital financing and higher-risk equity financing for start-ups and scale-ups; recalls the duty of the EU’s public bank to support long-term transition projects that have difficulty obtaining funding from the private sector;

84. Stresses the need to simplify, streamline, optimise and consolidate EIB processes and mandates to enhance synergies, effectiveness and efficiency, and to reduce the administrative burden, reporting costs and complexity for companies and projects, which may otherwise be discouraged from seeking financing on account of complex procedures, high compliance costs and regulatory uncertainty;

85. Supports the increased use of higher-risk instruments such as direct and indirect equity and quasi equity financing by the EIB, including through the European Investment Fund, to foster investment in companies and funds, notably via venture capital and venture debt, while underlining that higher-risk instruments must be used with clear risk frameworks and measurable performance indicators;

86. Believes that public support for investment extends beyond access to finance and should also encompass technical assistance, project management, capacity-building, research commercialisation, support for accessing private finance and fostering cooperation between universities and venture capital to drive innovation and competitiveness;

87. Calls on the Commission to propose a Competitiveness Coordination Tool that also supports the identification of European industrial needs, shortages and market opportunities, and to produce relevant recommendations; stresses that it should be linked with the forthcoming Competitiveness Fund to ensure effective solutions to industrial challenges across the Union;

88. Calls on the Commission to place greater emphasis on savings and investments union priorities in the European Semester, ensuring that structural reforms and measures to deepen and integrate EU capital markets are consistently encouraged, monitored and evaluated;

89. Requests that the Commission incorporate specific measures to promote venture capital in the future Competitiveness Fund, the TechEU Programme and any similar initiatives;

90. Recognises the role of competition policy and state aid in supporting the development of European industry; considers, however, that state aid can lead to further fragmentation of the single market;

91. Notes that the Commission will publish a mid-term review of the savings and investments union by Q2 2027;

92. Stresses that Parliament should be adequately involved in implementing the savings and investments union; calls on the Commission to engage in early discussions in the field of CMU and financial services prior to putting forward new proposals and making any adjustments to existing ones;

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93. Instructs its President to forward this resolution to the Council and the Commission.

EXPLANATORY STATEMENT

Europe is faced with two existential threats. The first, well-documented in several reports such as those by Enrico Letta and Mario Draghi, is the risk of economic and industrial decline, leading to a gradual disappearance of the European Union from the global economic and geopolitical stage. The second, brutally brought to light by the invasion of Ukraine by Russia, the return of war on the European continent and the strategic realignment of the United States, is the inability by the European Union to ensure its own strategic autonomy and defence, to protect itself from increasingly imminent threats on its territory. This dual crisis is nothing less than an unprecedented test of Member States’ ability to collectively invest in the EU future and its survival. This is why the European Union must now explore ways to regain budgetary room for manoeuvre and mobilise private capital to invest not only at national level but also, and perhaps most importantly, at the European level. The EU must find a way to finance its defence capacities, without compromising its ability to invest in the green and sustainable reindustrialisation, in clean techs and European digital firms and to prepare for the future by investing in education and research. The recent Draghi Report has identified a minimum annual additional investment requirement of EUR 750 to 800 billion to restore the EU’s productivity and meet its environmental and social goals. However, the current investment landscape in the EU is fragmented, with significant disparities in access to private finance, particularly for innovative and high-growth companies. One of the reasons for the European Union’s lag behind its Chinese and American competitors has been the difficulty for its businesses to secure financing, particularly for small and medium-sized enterprises that require scaling up to grow. Simply put, companies today complain about the lack of long-term demand and call for regulatory stability, speed and responsiveness from public authorities to protect them from unfair commercial competition, and, finally, long-term contracts, including through public procurement. Europe has many strengths. It remains one of the most attractive economic zones for investment, with innovative companies and a highly skilled workforce. However, one could argue that Europe is living below its means, as it has so far failed to equip itself with the necessary tools and mechanisms to grow in line with its ambitions. Addressing this dual crisis will therefore hinge on its ability to put these tools in place. In this regard, European savings represent considerable financial means that Europe must not—and cannot—overlook. It is all the more crucial given that European citizens’ savings often end up financing foreign, particularly American, funds, which then reinvest in Europe and acquire European companies. The mobilisation of European citizens’ savings is therefore a political, economic, and strategic sovereignty issue and will be crucial to bridge the industrial gap with other major economies. However, the sole mobilisation of private finance will be insufficient to address all of the challenges that the EU needs to overcome. It will also require a significant level of public investments, particularly in high-risk areas such as defence and decarbonisation. This draft report outlines a series of measures aimed at addressing these challenges, at creating a more integrated and efficient capital market in the EU and at identifying the role of public sector in leveraging investments.

Strengthening the Capital Markets Union (CMU): The greater mobilisation of private finance requires different steps. The report calls for the acceleration of the CMU agenda, with a focus on improving access to venture capital and equity financing, particularly for innovative companies. It also emphasises the need for greater harmonisation of regulatory frameworks across Member States to facilitate cross-border investment and reduce fragmentation. It insists on making progress towards greater harmonised supervision and direct supervisory powers to the European Securities and Markets Authority (ESMA) over pan-European market infrastructures. The report highlights the importance of creating economic opportunities for private investment by offering competitive returns. The report insists on channelling household savings into productive investments and explores the creation of an EU investment savings account or label for basic and simple investment products that are suitable for retail investors. This would help to channel household savings into productive investments, particularly in sustainable and innovative sectors.

A crucial role for public investments: The report recognises the need for substantial public sector support to mobilise private investment, particularly in high-risk areas such as defence and decarbonisation. It calls for the establishment of a dedicated instrument within the European Stability Mechanism (ESM) to address heightened defence needs and recommends that the European Investment Bank (EIB) adapt its lending policy to support higher-risk investments. It also highlights the importance of issuing a common safe asset at the EU level to facilitate the achievement of the CMU and address the investment needs identified in the Draghi Report. It calls on the Commission to assess the various features of safe assets and publish a report outlining their common characteristics. Finally, the report proposes to establish a European Economic Intelligence Unit that would help connect industrial need with financial tools. The rapporteur calls on all stakeholders and co-legislators to work together to implement these measures and ensure that the EU is well-positioned to meet the challenges of the 21st century.

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that she received input from the following entities or persons in the preparation of the draft report:

The list above is drawn up under the exclusive responsibility of the rapporteur.

Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that she has submitted to the natural persons concerned the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

04.06.2025

OPINION OF THE COMMITTEE ON BUDGETS

for the Committee on Economic and Monetary Affairs

on facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report)

(2024/2116(INI))

Rapporteur for opinion: Karlo Ressler

AMENDMENTS

The Committee on Budgets submits the following to the Committee on Economic and Monetary Affairs, as the committee responsible :

Amendment 1

Motion for a resolution

Citation 12 a (new)

Amendment 2

Motion for a resolution

Citation 12 b (new)

Amendment 3

Motion for a resolution

Citation 12 c (new)

Amendment 4

Motion for a resolution

Recital A

Amendment 5

Motion for a resolution

Recital A a (new)

Amendment 6

Motion for a resolution

Recital A b (new)

Amendment 7

Motion for a resolution

Recital A c (new)

Amendment 8

Motion for a resolution

Recital A d (new)

Amendment 9

Motion for a resolution

Recital A e (new)

Amendment 10

Motion for a resolution

Recital F

Amendment 11

Motion for a resolution

Recital G

Amendment 12

Motion for a resolution

Paragraph 1

Amendment 13

Motion for a resolution

Paragraph 2

Amendment 14

Motion for a resolution

Paragraph 3

Amendment 15

Motion for a resolution

Paragraph 4

Amendment 16

Motion for a resolution

Paragraph 5

Amendment 17

Motion for a resolution

Paragraph 9

Amendment 18

Motion for a resolution

Paragraph 14 a (new)

Amendment 19

Motion for a resolution

Paragraph 15

Amendment 20

Motion for a resolution

Paragraph 15 a (new)

Amendment 21

Motion for a resolution

Paragraph 16

Amendment 22

Motion for a resolution

Paragraph 17

Amendment 23

Motion for a resolution

Paragraph 18

Amendment 24

Motion for a resolution

Paragraph 19

Amendment 25

Motion for a resolution

Paragraph 20

Amendment 26

Motion for a resolution

Paragraph 20 a (new)

Amendment 27

Motion for a resolution

Paragraph 20 b (new)

Amendment 28

Motion for a resolution

Paragraph 20 c (new)

Amendment 29

Motion for a resolution

Paragraph 20 d (new)

Amendment 30

Motion for a resolution

Paragraph 21

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR FOR OPINION HAS RECEIVED INPUT

ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

The rapporteur declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

INFORMATION ON ADOPTION IN COMMITTEE ASKED FOR OPINION

INFORMATION ON ADOPTION IN COMMITTEE RESPONSIBLE