Sittings · Document
OPINION (2024/2116(INI)) 2025-06-04
On facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report)
Committee on Budgets · Rapporteur: 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)
| Motion for a resolution | Amendment |
| – having regard to the InvestEU interim evaluation of 30 September 2024 (SWD(2024)0228), |
Amendment 2
Motion for a resolution
Citation 12 b (new)
| Motion for a resolution | Amendment |
| – having regard to the Commission proposal of 19 March 2025 for a Council regulation establishing the Security Action for Europe (SAFE) through the reinforcement of European defence industry Instrument (COM(2025)0122), |
Amendment 3
Motion for a resolution
Citation 12 c (new)
| Motion for a resolution | Amendment |
| – having regard to the Commission proposal of 26 February 2025 for a regulation of the European Parliament and of the Council amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements (COM(2025)0084), |
Amendment 4
Motion for a resolution
Recital A
| Motion for a resolution | Amendment |
| A. whereas the Draghi report identified that a minimum of EUR 750 to 800 billion of additional annual investment is required to restore EU productivity and deliver on the EU’s environmental and social objectives; | A. whereas the Draghi report identified that a minimum of EUR 750 to 800 billion of additional annual investment is required to restore EU productivity, revitalise EU competitiveness, and deliver on the EU’s environmental and social objectives; whereas that investment gap includes a considerable amount allocated for industrial decarbonisation; |
Amendment 5
Motion for a resolution
Recital A a (new)
| Motion for a resolution | Amendment |
| A a. whereas the size of the annual EU budget is under EUR 200 billion, including investments in several policy areas, leaving limited flexibility for the European Competitiveness Deal; |
Amendment 6
Motion for a resolution
Recital A b (new)
| Motion for a resolution | Amendment |
| A b. whereas, according to the Draghi report, EU support for public and private investment is constrained by the size of the budget, its lack of focus and a risk appetite that is too low, and EU spending suffers from fragmentation, complexity and a lack of flexibility; |
Amendment 7
Motion for a resolution
Recital A c (new)
| Motion for a resolution | Amendment |
| A c. whereas the EU budget should have competitiveness as one of its central focus areas, 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; |
Amendment 8
Motion for a resolution
Recital A d (new)
| Motion for a resolution | Amendment |
| A d. whereas InvestEU is the EU’s largest risk-sharing instrument in place, and whereas it follows a market-based and demand-driven approach and allows risks to be shared with the private sector in the achievement of EU policy goals; whereas, as highlighted in the Draghi report, there is a need to focus on higher risk activities and scale up investments; |
Amendment 9
Motion for a resolution
Recital A e (new)
| Motion for a resolution | Amendment |
| A e. whereas InvestEU’s open architecture – whereby the European Investment Bank (EIB) Group, international financial institutions (IFIs) such as the European Bank for Reconstruction and Development, the Council of Europe Development Bank and the Nordic Investment Bank, and national promotional banks and institutions (NPBIs) act as implementing partners – helps to ensure alignment between EU and national priorities; |
Amendment 10
Motion for a resolution
Recital F
| Motion for a resolution | Amendment |
| F. whereas according to the Draghi report, between 2008 and 2021, close to 30 % of the ‘unicorns’ – start-ups that went on to be valued over USD 1 billion – relocated their headquarters abroad, mainly to the US; | F. whereas according to the Draghi report, between 2008 and 2021, close to 30 % of the ‘unicorns’ – start-ups that went on to be valued at over USD 1 billion – relocated their headquarters abroad, mainly to the US; whereas this is hampering Europe’s competitiveness and innovation potential; |
Amendment 11
Motion for a resolution
Recital G
| Motion for a resolution | Amendment |
| G. whereas research and development spending accounted for 2.1 % of GDP in the EU in 2021, but 3.5 % in the US and 2.4 % in China, while the 2000 Lisbon strategy set a research and development spending objective of 3 %; | G. whereas research and development spending accounted for 2.1 % of GDP in the EU in 2021, but 3.5 % in the US and 2.4 % in China, while the 2000 Lisbon strategy set a research and development spending objective of 3 %; whereas Horizon Europe is severely oversubscribed, with many high-quality proposals not being selected for funding due to limited resources; whereas the Commission has presented the Choose Europe initiative to attract the best scientists from around the world to the EU; |
Amendment 12
Motion for a resolution
Paragraph 1
| Motion for a resolution | Amendment |
| 1. Calls for a general mobilisation of all financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, sustain the green transition, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions; | 1. Calls for a general mobilisation of all available financial resources and instruments to strengthen EU security and industrial and technological sovereignty, sustain the green transition as a catalyst for a future-oriented and resource-efficient economy, and address the skills gap, in a context of geopolitical instability and international tensions; |
Amendment 13
Motion for a resolution
Paragraph 2
| Motion for a resolution | Amendment |
| 2. Welcomes the renewed debate on the need to restore EU productivity, boosted by the Draghi and Letta reports; | 2. Welcomes the renewed debate on the need to restore EU productivity, competitiveness and growth, boosted by the Draghi and Letta reports; highlights, furthermore, the importance of reinforcing economic, social and territorial cohesion in order to contribute to those objectives; |
Amendment 14
Motion for a resolution
Paragraph 3
| Motion for a resolution | Amendment |
| 3. Recognises these reports as a wake-up call for European and national decision-makers, as well as a starting point for action to foster both private and public investments; | 3. Recognises these reports as a wake-up call for European and national decision-makers, as well as a starting point for action to foster both private and public investments and to increase the EU’s support for public-private cooperation; highlights that public investment is essential as a catalyst for private investment in sectors where the market alone cannot drive the required investment; considers that financial instruments and budgetary guarantees are an effective use of resources and powerful tools for achieving critical EU policy goals; points to the need to exploit synergies between public and private investment, in particular by streamlining the EU’s investment architecture; |
Amendment 15
Motion for a resolution
Paragraph 4
| Motion for a resolution | Amendment |
| 4. Regrets the fact that many EU-based entrepreneurs feel the need to relocate to gain easier access to finance and resources; deplores that they turn to venture capital providers outside the EU and scale up in foreign markets; | 4. Regrets the fact that many EU-based entrepreneurs relocate to gain easier access to finance and resources; deplores the insufficient availability of venture capital providers within the EU, as they are essential for companies to scale up in European markets; calls for immediate action to improve this situation; emphasises that the EU should have an attractive business climate for companies and investors; |
Amendment 16
Motion for a resolution
Paragraph 5
| Motion for a resolution | Amendment |
| 5. Emphasises that public resources should be focused on ensuring the sustainability and accessibility of public services and infrastructure while catalysing private investment in innovative and clean industries under well-defined conditions; | 5. Emphasises that public resources should be focused on European public goods and added value, while catalysing private investment in innovative and clean industries under well-defined conditions; |
Amendment 17
Motion for a resolution
Paragraph 9
| Motion for a resolution | Amendment |
| 9. Notes that streamlining administrative procedures can improve the EU’s attractiveness as an investment destination; considers that the aligning of Member States’ legislative frameworks should be part of the simplification agenda to ease cross-border activities; calls on the Commission to rely more on regulations rather than directives, thus limiting national discretion that could lead to fragmentation; | 9. Notes that streamlining administrative procedures can improve the EU’s attractiveness as an investment destination and calls for less bureaucracy and a reduction in the administrative burden for beneficiaries, particularly SMEs; calls, furthermore, for the simplification of EU programmes, particularly for final recipients, where there are overlapping objectives, diverging eligibility criteria and varying rules governing horizontal provisions, which should be uniform across programmes; considers that the aligning of Member States’ legislative frameworks should be part of the simplification agenda to ease cross-border activities; calls on the Commission to rely more on regulations rather than directives, thus limiting national discretion that could lead to fragmentation; |
Amendment 18
Motion for a resolution
Paragraph 14 a (new)
| Motion for a resolution | Amendment |
| 14 a. Emphasises that flexibility in EU investment instruments should not undermine predictability and long-term planning; calls for a balance that supports strategic foresight while allowing rapid mobilisation in response to emerging challenges; |
Amendment 19
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Believes that the urgency of measures on defence and decarbonisation means that substantial public support will be required to mobilise private investment; | 15. Believes that the urgency of measures, including on defence and decarbonisation, means that substantial public support will be required to mobilise private investment; welcomes, therefore, the proposal on the Omnibus package for InvestEU, which will mobilise a significant amount of additional investment for the remainder of the 2021-2027 multiannual financial framework; |
Amendment 20
Motion for a resolution
Paragraph 15 a (new)
| Motion for a resolution | Amendment |
| 15 a. Highlights, also, the need for investments in energy and resource efficiency, investments in key technologies in the digital sector and social investments; stresses, in particular, the importance of Horizon Europe and recalls the need to reach the target of 3 % of GDP for spending on research and innovation; |
Amendment 21
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Fears that public investment will plunge after 2026, when the Recovery and Resilience Facility is set to expire; | 16. Is concerned that the RRF expiration in 2026 poses a significant risk of a substantial decline in public investment in common European priorities; calls for an 18-month extension of mature RRF projects through a change of the RRF Regulation1a by co-decision, if needed; emphasises that the envisaged extension of projects will be conducted by the Commission based on objective, clear and fair benchmarks; |
| _________________ | |
| 1a Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17, ELI: http://data.europa.eu/eli/reg/2021/241/oj). |
Amendment 22
Motion for a resolution
Paragraph 17
| Motion for a resolution | Amendment |
| 17. Recalls that 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 itself5 ; 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; | 17. 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; calls on the Council to adopt new own resources as a matter of urgency in order to enable sustainable repayment of NextGenerationEU borrowing; stresses that new genuine own resources, beyond those laid down in the Interinstitutional Agreement5a, are essential for the EU’s higher spending needs; considers that all instruments and tools should be explored in order to provide the EU with the necessary resources; |
| _________________ | _________________ |
| 5 European Stability Mechanism Chief Financial Officer, ‘Developing European safe assets’, Intereconomics, December 2023, https://www.esm.europa.eu/articles-and-op-eds/developing-european-safe-assets-article-intereconomics. | 5a Interinstitutional Agreement between the European Parliament, the Council of the European Union and the European Commission on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap towards the introduction of new own resources (OJ L 433I, 22.12.2020, p. 28, ELI: http://data.europa.eu/eli/agree_interinstit/2020/1222/oj). |
Amendment 23
Motion for a resolution
Paragraph 18
| Motion for a resolution | Amendment |
| 18. Shares the assessment that issuing a common safe asset to be used as a strong benchmark would significantly facilitate the achievement of the CMU and address the investment needs identified in the Draghi report; recommends that the Commission assess the features of safe assets issued at EU level and publish a report to inform the future design of an EU safe asset; | 18. Takes note of the assessment, contained in the Draghi report, that issuing a common safe asset to be used as a strong benchmark would significantly facilitate the achievement of the CMU and address 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 EU has sufficient resources to respond to acute EU-wide crises, such as the ongoing crisis in the area of security and defence; |
Amendment 24
Motion for a resolution
Paragraph 19
| Motion for a resolution | Amendment |
| 19. Believes that heightened defence needs due to geopolitical tensions require immediate mobilisation of financial support; welcomes the Commission’s upcoming proposal for a new financial instrument of up to EUR 150 billion to boost EU defence capabilities as part of the ReArm Europe plan; calls on the Commission and the Member States to also set up a dedicated instrument under the European Stability Mechanism; | 19. Believes that heightened common defence needs due to geopolitical tensions require immediate mobilisation of financial support; takes note of the Commission’s proposal entitled ‘SAFE’ for a new financial instrument of up to EUR 150 billion in back-to-back loans to boost EU defence capabilities as part of the ReArm Europe plan; reiterates its long-standing position that all EU-level spending should be brought within the purview of the budgetary authority, thereby ensuring transparency, democratic control and protection of the EU’s financial interests; recalls that the full involvement of Parliament, as the only directly elected EU institution, in decisions regarding the EU’s spending priorities is an essential condition for the democratic legitimacy of the EU’s actions; reiterates, in this respect, its readiness to act with the necessary urgency whenever needed; |
Amendment 25
Motion for a resolution
Paragraph 20
| Motion for a resolution | Amendment |
| 20. Encourages the European Investment Bank Group to adapt its lending policy to provide greater support to higher risk investments, mostly in innovative companies and projects fostering the green transition; | 20. Encourages the EIB Group to adapt its lending practices to provide greater support to higher risk investments, mostly in innovative companies and projects fostering the green transition and defence, while safeguarding its strong capital position; welcomes the decision of the EIB Group to further boost investment in security and defence by further expanding eligibilities for security and defence investments and by doubling investments in critical raw materials; welcomes, further, the EUR 8.9 billion of new financing for port and rail projects, education, energy and grid upgrades, water and business investment; emphasises the importance of maintaining the open architecture approach of InvestEU in the next multiannual financial framework in order to take full advantage of the benefits provided by the participation of IFIs and NPBIs; |
Amendment 26
Motion for a resolution
Paragraph 20 a (new)
| Motion for a resolution | Amendment |
| 20 a. Stresses the need to increase the leverage of the EU budget so that it can mobilise private investment at scale, attract capital, drive sustainable growth and enable SMEs and start-ups to access funding more easily, while enhancing the efficiency of allocation of scarce public resources to ensure complementarity and additionality with national spending; strongly supports a focus on higher risk activities and urges the Commission to evaluate how to better support equity investments; reiterates that well-designed budgetary guarantees and financial instruments, including as a service, are – when based on market needs – a highly efficient use of limited EU budgetary resources to de-risk investment and crowd in private capital; |
Amendment 27
Motion for a resolution
Paragraph 20 b (new)
| Motion for a resolution | Amendment |
| 20 b. Urges the Commission to ensure that risk-sharing instruments are simple for implementing partners, financial intermediaries and final recipients, with a particular emphasis on SMEs, while ensuring an appropriate level of accountability and sound financial management; invites the Commission, in this connection, to assess the impact of State aid rules on the margin of manoeuvre of NPBIs in risk-sharing instruments; |
Amendment 28
Motion for a resolution
Paragraph 20 c (new)
| Motion for a resolution | Amendment |
| 20 c. Recognises the importance of advisory services, such as the InvestEU Advisory Hub, and visibility measures, such as the InvestEU Portal, in the success of any budgetary guarantee or financial instrument; takes note of the finding of the interim evaluation that the InvestEU Portal has yet to demonstrate significant EU added value; urges the Commission to continue reviewing the operation of the Advisory Hub and the Portal and the STEP Platform with a view to learning the necessary lessons; emphasises that the necessary human and financial resources should be available for such advisory and promotional measures; |
Amendment 29
Motion for a resolution
Paragraph 20 d (new)
| Motion for a resolution | Amendment |
| 20 d. Stresses the need to simplify administrative procedures across all EU financial instruments in order to reduce entry barriers for SMEs and start-ups; calls on the Commission to ensure that programmes such as InvestEU or future platforms are user-friendly, cost-effective and easily navigable by smaller actors and final recipients; |
Amendment 30
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Calls on the Commission to establish an economic intelligence unit to identify European industrial needs, shortages and market opportunities and to produce recommendations, including on financing, to address these challenges from an EU perspective; | 21. Calls on the Commission to identify European industrial needs, shortages and market opportunities and to produce recommendations, including on financing, to address these challenges from an EU perspective; |
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
| Date adopted | 4.6.2025 |
| Result of final vote | + : 24 - : 10 0 : 1 |
| Members present for the final vote | Georgios Aftias, Rasmus Andresen, Isabel Benjumea Benjumea, Tomasz Buczek, Olivier Chastel, Tamás Deutsch, Angéline Furet, Jens Geier, Thomas Geisel, Sandra Gómez López, Andrzej Halicki, Monika Hohlmeier, Janusz Lewandowski, Giuseppe Lupo, Ignazio Roberto Marino, Siegfried Mureşan, Jana Nagyová, Victor Negrescu, Matjaž Nemec, Danuše Nerudová, João Oliveira, Ruggero Razza, Karlo Ressler, Bogdan Rzońca, Julien Sanchez, Hélder Sousa Silva, Nicolae Ştefănuță, Lucia Yar, Auke Zijlstra |
| Substitutes present for the final vote | Mohammed Chahim, Jonás Fernández, Jussi Saramo |
| Members under Rule 216(7) present for the final vote | Christine Anderson, Murielle Laurent, Antonio López-Istúriz White |