Sittings · Document

Draft report (2024/2116(INI)) 2025-05-05

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

Committee on Economic and Monetary Affairs

Amendment 1

Ľudovít Ódor, Anouk Van Brug, Pascal Canfin, Billy Kelleher, Stéphanie Yon-Courtin

Motion for a resolution

Citation -1 (new)

Motion for a resolution	Amendment
	– 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)124),

Or. en

Amendment 2

Regina Doherty

Motion for a resolution

Citation 4 a (new)

Motion for a resolution	Amendment
	– having regard to the Commission Communication of 29 January 2025 entitled ‘A Competitiveness Compass for the EU’ (COM(2025)30),

Or. en

Amendment 3

Sirpa Pietikäinen

Motion for a resolution

Citation 6 a (new)

Motion for a resolution	Amendment
	– having regard to the Commission Communication of 26 February 2025 entitled ‘The Clean Industrial Deal: A joint roadmap for competitiveness and decarbonisation’ (COM(2025)85),

Or. en

Amendment 4

Sirpa Pietikäinen

Motion for a resolution

Citation 6 b (new)

Motion for a resolution	Amendment
	– having regard to the Commission Communication of 11 December 2019 ‘The European Green Deal’ (COM(2019)640),

Or. en

Amendment 5

Sirpa Pietikäinen

Motion for a resolution

Citation 6 c (new)

Motion for a resolution	Amendment
	– having regard to its resolution of 15 January 2020 on the European Green Deal (P9.TA(2020)0005),

Or. en

Amendment 6

Sirpa Pietikäinen

Motion for a resolution

Citation 6 d (new)

Motion for a resolution	Amendment
	– having regard to the Commission Communication of 11 March 2020 entitled ‘A new Circular Economy Action Plan For a cleaner and more competitive Europe’ (COM(2020)98),

Or. en

Amendment 7

Sirpa Pietikäinen

Motion for a resolution

Citation 6 e (new)

Motion for a resolution	Amendment
	– having regard to its resolution of 10 February 2021 on the New Circular Economy Action Plan (P9.TA(2021)0640),

Or. en

Amendment 8

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Citation 8 a (new)

Motion for a resolution	Amendment
	– having regard to the Commission Communication of 19 March 2025 entitled ‘Savings and Investments Union A strategy to Foster Citizen’s Wealth and Economic Competitiveness in the EU’ (COM(2025)124),

Or. en

Amendment 9

Arba Kokalari

Motion for a resolution

Citation 8 a (new)

Motion for a resolution	Amendment
	– having regard to the Commission Communication of 29 January 2025 entitled ‘A Competitiveness Compass for the EU’ (COM(2025)30),

Or. en

Amendment 10

Dirk Gotink

Motion for a resolution

Citation 8 a (new)

Motion for a resolution	Amendment
	– having regard to the Commission Communication of 29 January 2025 entitled ‘A Competitiveness Compass for the EU’ (COM(2025)30),

Or. en

Amendment 11

Dirk Gotink

Motion for a resolution

Citation 8 b (new)

Motion for a resolution	Amendment
	– having regard to the Commission Communication entitled ‘Savings and Investments Union. A strategy to Foster Citizens’ Wealth and Economic Competitiveness in the EU’ of 19 March 2025 (COM(2025)124),

Or. en

Amendment 12

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Citation 9 a (new)

Motion for a resolution	Amendment
	– having regard to the exploratory opinion of the European Economic and Social Committee on Investments and reforms to boost European competitiveness and creating a Capital Markets Union (ECO/665),

Or. en

Amendment 13

Rasmus Andresen

Motion for a resolution

Citation 11 a (new)

Motion for a resolution	Amendment
	– having regard to the ESMA Market Report ‘Costs and Performance of EU Retail Investment Products 2023’ of December 2023,

Or. en

Amendment 14

Rasmus Andresen

Motion for a resolution

Citation 11 b (new)

Motion for a resolution	Amendment
	– having regard ESMA Opinion ‘Sustainable investments: Facilitating the investor journey - A holistic vision for the long term’ of July 2024,

Or. en

Amendment 15

Rasmus Andresen

Motion for a resolution

Citation 11 c (new)

Motion for a resolution	Amendment
	– having regard to the staff paper of the European Insurance and Occupational Pensions Authority (EIOPA) of September 2024 entitled ‘The Future Pan-European Pension Product’,

Or. en

Amendment 16

Rasmus Andresen

Motion for a resolution

Citation 11 d (new)

Motion for a resolution	Amendment
	– having regard to EIOPA ‘Costs and past performance report’ of April 2025,

Or. en

Amendment 17

Rasmus Andresen

Motion for a resolution

Citation 11 e (new)

Motion for a resolution	Amendment
	– having regard to EIOPA Final Report on ‘the Prudential Treatment of Sustainability Risks for Insurers’ of November 2024,

Or. en

Amendment 18

Markus Ferber

Motion for a resolution

Citation 12 a (new)

Motion for a resolution	Amendment
	– 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)129),

Or. en

Amendment 19

Gilles Boyer, Stéphanie Yon-Courtin, Pascal Canfin, Anouk Van Brug, Billy Kelleher

Motion for a resolution

Citation 12 a (new)

Motion for a resolution	Amendment
	– having regard to the Joint Committee of the European Supervisory Agencies’ Report on the implementation and functioning of the Securitisation Regulation,

Or. en

Amendment 20

Sirpa Pietikäinen

Motion for a resolution

Citation 12 a (new)

Motion for a resolution	Amendment
	– having regard to the 6th Synthesis Report of The Intergovernmental Panel on Climate Change (IPCC),

Or. en

Amendment 21

Markus Ferber

Motion for a resolution

Citation 12 b (new)

Motion for a resolution	Amendment
	– having regard to the report by the European Securities Markets Authority of 21 September 2023 entitled ‘The EU securitisation market – an overview’1a,
	_________________
	1a ESMA50-524821-2908

Or. en

Amendment 22

Sirpa Pietikäinen

Motion for a resolution

Citation 12 b (new)

Motion for a resolution	Amendment
	– having regard to the United Nations’ Convention on Biological Diversity Decision of December 2022 ‘Kunming-Montreal Global Biodiversity Framework’,

Or. en

Amendment 23

Markus Ferber

Motion for a resolution

Citation 12 c (new)

Motion for a resolution	Amendment
	– having regard to the Commission’s legislative proposal of 12 February 2025 to shorten the settlement cycle for EU securities from two days to one1a,
	_________________
	1a COM(2025) 38 final

Or. en

Amendment 24

Lídia Pereira, Isabel Benjumea Benjumea

Motion for a resolution

Citation 14 a (new)

Motion for a resolution	Amendment
	– 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)124),

Or. en

Amendment 25

Kinga Kollár, Isabel Benjumea Benjumea

Motion for a resolution

Citation 17 a (new)

Motion for a resolution	Amendment
	– having regard to the European Tech Champions Initiative launched in February 2023,

Or. en

Amendment 26

Sirpa Pietikäinen

Motion for a resolution

Recital -A (new)

Motion for a resolution	Amendment
	-A. whereas European growth and competitiveness is highly dependent on external raw materials and critical minerals and therefore requires an urgent transition towards resource-efficiency and true circularity; whereas there is no sustainable competitiveness without taking into account the unprecedented climate crisis, biodiversity loss and social sustainability;

Or. en

Amendment 27

Sirpa Pietikäinen

Motion for a resolution

Recital -A a (new)

Motion for a resolution	Amendment
	-Aa. whereas these challenges can only be solved with directing financial flows towards new and sustainable growth and the global annual investment gap to achieve net zero by 2050 is over EUR 8000 billion; whereas only 3.1 % of global assets under management is directed to clearly sustainable investment and up to 70 % are targeted into activities harmful to the climate or environment;

Or. en

Amendment 28

Pierre Pimpie

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 and competitiveness;

Or. en

Amendment 29

Michalis Hadjipantela

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 increasing financing needs to restore EU competitiveness and economic growth as well as deliver on the EU’s objectives;

Or. en

Amendment 30

Anouk Van Brug, Engin Eroglu

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 and revitalize European competitiveness;

Or. en

Amendment 31

Dirk Gotink

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 reignite sustainable growth, restore productivity, support competitiveness, foster innovation, increase defence and security, and reduce dependencies;

Or. en

Amendment 32

Giovanni Crosetto, Denis Nesci, Francesco Ventola

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 support the EU’s energy transition, enhance its leadership in digital technology, strengthen defence and security, and boost EU productivity;

Or. en

Amendment 33

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

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 and competitiveness;

Or. en

Amendment 34

Lídia Pereira, Isabel Benjumea Benjumea

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 and competitiveness, and deliver on the EU’s economic, environmental and social objectives;

Or. en

Amendment 35

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

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’s competitiveness and the structural transformation of the European economy;

Or. en

Amendment 36

Markus Ferber

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 high levels of market fragmentation, inconsistencies in taxation policies and insolvency law and an overreliance on debt-financing as some of the root causes of low investment financing in the EU;

Or. en

Amendment 37

Isabel Benjumea Benjumea

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 suggested that a minimum of EUR 750 to 800 billion of additional annual investment is required to mantain EU competitiveness; that the sum corresponds to the 2023 annual GDP at current prices of 10 Member States;

Or. en

Amendment 38

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

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 and deliver on the EU’s environmental and social objectives; whereas it corresponded to 4.4-4.7% of EU GDP in 20231a;
	_________________
	1a M.Draghi, The future of European competitiveness Part A, A competitiveness strategy for Europe, 2024

Or. en

Amendment 39

Rasmus Andresen

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 and deliver on the EU’s environmental and social objectives; including €450bn for the energy transition only, from which €260 billion should come from the public sector according to Institut Rousseau;

Or. en

Amendment 40

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

Motion for a resolution

Recital A a (new)

Motion for a resolution	Amendment
	Aa. whereas a large amount of highly technical, burdensome and often contradictory regulation, together with a “one size fits all” policy approach and centralisation efforts are the main reasons why earlier attempts to create a business and investment-friendly Capital Market Union have not yield significant results;

Or. en

Amendment 41

Isabel Benjumea Benjumea

Motion for a resolution

Recital A a (new)

Motion for a resolution	Amendment
	Aa. whereas the report notes that no company in the Union with a market capitalization above €100 billion has been created as a new entity in the last 50 years, while in the same period, six U.S. companies valued at over one trillion dollars were created in the United States;

Or. en

Amendment 42

Markus Ferber

Motion for a resolution

Recital A a (new)

Motion for a resolution	Amendment
	Aa. whereas the Draghi report pointed out a severe shortcoming of general competitiveness of the European economy and lack of productivity growth in particular;

Or. en

Amendment 43

Aurore Lalucq

on behalf of the S&D Group

René Repasi, Niels Fuglsang, Claire Fita, Lara Wolters

Motion for a resolution

Recital A a (new)

Motion for a resolution	Amendment
	Aa. whereas the Union could need an annual defence spending of at least EUR250 billion per year in the short term to deter Russian aggression;

Or. en

Amendment 44

Danuše Nerudová

Motion for a resolution

Recital Aa (new)

Motion for a resolution	Amendment
	Aa. whereas the annual EU budget provides constrained fiscal space for the implementation of a European Competitiveness Deal;

Or. en

Amendment 45

Isabel Benjumea Benjumea

Motion for a resolution

Recital A b (new)

Motion for a resolution	Amendment
	Ab. whereas European venture capital has fallen far behind the U.S., being 80% behind in the seed phase, 73% behind in the early stage, and 82% behind in the growth phase; productivity in Europe has decreased by more than 0.5% during the period between 2000 and 2019; the decline in birth rates has caused the growth of the working-age population to slow down since the 1990s and begin to decrease in the last decade;

Or. en

Amendment 46

Isabel Benjumea Benjumea

Motion for a resolution

Recital A c (new)

Motion for a resolution	Amendment
	Ac. whereas Draghi suggests that the solution lies in attracting investment, largely through unlocking private capital, with the creation of the Savings and Investments Union;

Or. en

Amendment 47

Isabel Benjumea Benjumea

Motion for a resolution

Recital A d (new)

Motion for a resolution	Amendment
	Ad. whereas in 2022, pension assets in the European Union represented only 32% of GDP, compared to 142% in the United States, highlighting a significant disparity in the depth and development of private pension systems in Europe; whereas this gap reflects the underdevelopment of second pillar pension systems in many Member States, limiting long-term savings alternatives for European citizens; whereas private pension schemes play a crucial role in ensuring financial security in retirement, alleviating pressure on public pension systems, and enhancing the overall resilience of Europe’s financial markets; whereas there is an urgent need for concrete measures to promote the development of private pensions in Europe, including incentives for long-term savings, the simplification of cross-border pension investments, and the removal of barriers to pension fund growth, to strengthen the future economic security of European citizens and ensure the sustainability of pension systems;

Or. en

Amendment 48

Isabel Benjumea Benjumea

Motion for a resolution

Recital B

Motion for a resolution	Amendment
B. 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 investment union;	B. whereas the ReArm Europe plan consists of five pillars aimed at financing Europe’s security and defence, covering synergies between public and private sector in order to attract investments with the development of the savings and investment union;

Or. en

Amendment 49

Ľudovít Ódor, Anouk Van Brug, Billy Kelleher, Stéphanie Yon-Courtin

Motion for a resolution

Recital B

Motion for a resolution	Amendment
B. 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 investment union;	B. 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;
	(This amendment applies throughout the text.)

Or. en

Amendment 50

Rasmus Andresen

Motion for a resolution

Recital B a (new)

Motion for a resolution	Amendment
	Ba. whereas the recent US administration decisions, including to increase tariffs, have generated high uncertainties negatively impacting growth, inflation and employment forecasts; whereas financial markets have strongly reacted to the new US policy stance; whereas the dollar has depreciated markedly since January 2025 while US Treasury yields have increased, hinting that investors might redirect capital flows;

Or. en

Amendment 51

Isabel Benjumea Benjumea

Motion for a resolution

Recital C

Motion for a resolution	Amendment
C. whereas historically in Europe the private sector has contributed around four fifths of productive investment, with the public sector contributing the rest3 ;	C. whereas in Europe the private sector contributes around four fifths of productive investment, while the public sector contributes the rest3 ;
_________________	_________________
3 Draghi, The future of European competitiveness Part A \| A competitiveness strategy for Europe, 2024.	3 Draghi, The future of European competitiveness Part A \| A competitiveness strategy for Europe, 2024.

Or. en

Amendment 52

Markus Ferber

Motion for a resolution

Recital C

Motion for a resolution	Amendment
C. whereas historically in Europe the private sector has contributed around four fifths of productive investment, with the public sector contributing the rest3 ;	C. whereas historically in Europe the private sector has contributed around four fifths of productive investment, with the public sector contributing the rest3; whereas the overall levels of productive investments in the EU have been significantly lower than in the US over the past two decades;
_________________	_________________
3 Draghi, The future of European competitiveness Part A \| A competitiveness strategy for Europe, 2024.	3 Draghi, The future of European competitiveness Part A \| A competitiveness strategy for Europe, 2024.

Or. en

Amendment 53

Rasmus Andresen

Motion for a resolution

Recital C

Motion for a resolution	Amendment
C. whereas historically in Europe the private sector has contributed around four fifths of productive investment, with the public sector contributing the rest3 ;	C. whereas historically in Europe the private sector has contributed around four fifths of productive investment, with the public sector contributing the rest3 ; whereas according to Finance Watch, capital markets can only provide a third of the EU investment needs3a;
_________________	_________________
3 Draghi, The future of European competitiveness Part A \| A competitiveness strategy for Europe, 2024.	3 Draghi, The future of European competitiveness Part A \| A competitiveness strategy for Europe, 2024.
	3a Philipponnat, Europe’s coming investment crisis. What if capital markets could only meet a third of Europe’s essential funding needs? Finance Watch report, 2024.

Or. en

Amendment 54

Isabel Benjumea Benjumea

Motion for a resolution

Recital C a (new)

Motion for a resolution	Amendment
	Ca. whereas only 18% of European citizens possess a high level of financial literacy, as highlighted by the European Financial Literacy Monitor prepared by the European Commission; whereas the majority, 64%, have an average level of financial knowledge, and 18% possess a low level of financial literacy, creating a significant gap in the financial capabilities of European citizens; whereas only four Member States—representing more than a quarter of the EU’s population—have high levels of financial knowledge, namely the Netherlands, Denmark, Sweden, and Slovenia; whereas increasing financial literacy is essential for enabling 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;

Or. en

Amendment 55

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Lara Wolters

Motion for a resolution

Recital C a (new)

Motion for a resolution	Amendment
	Ca. whereas EU GDP represented 17% of worldwide GDP in 2023, a similar level to China, but 9 percentage points below the US; whereas the Union has one of the lowest Gini coefficients in the world1a, indicating relatively low income inequality compared to other major economies; whereas slower productivity growth has in turn been associated with slower income growth and weaker domestic demand in Europe1b;
	_________________
	1a https://data.worldbank.org/indicator/SI.POV.GINI?locations=EU
	1b M. Draghi, The future of European competitiveness Part A \| A competitiveness strategy for Europe, 2024

Or. en

Amendment 56

Auke Zijlstra, Enikő Győri

Motion for a resolution

Recital D

Motion for a resolution	Amendment
D. whereas according to the Draghi report, EU household savings in 2022 were EUR 1 390 billion compared with EUR 840 billion in the US;	D. whereas according to the Draghi report, EU household savings in 2022 were EUR 1 390 billion compared with EUR 840 billion in the US, reflecting different savings and investment strategies rooted in very different financial cultures;

Or. en

Amendment 57

Markus Ferber

Motion for a resolution

Recital D

Motion for a resolution	Amendment
D. whereas according to the Draghi report, EU household savings in 2022 were EUR 1 390 billion compared with EUR 840 billion in the US;	D. whereas according to the Draghi report, EU household savings in 2022 were EUR 1 390 billion compared with EUR 840 billion in the US, yet EU households have considerably lower wealth than their US counterparts;

Or. en

Amendment 58

Christophe Gomart

Motion for a resolution

Recital D

Motion for a resolution	Amendment
D. whereas according to the Draghi report, EU household savings in 2022 were EUR 1 390 billion compared with EUR 840 billion in the US;	D. whereas according to the Draghi report, EU household savings in 2022 were EUR 1 390 billion compared with EUR 840 billion in the US; whereas on average EUR 300 billion per year of EU household savings are redirected to the US economy;

Or. fr

Amendment 59

Isabel Benjumea Benjumea

Motion for a resolution

Recital D a (new)

Motion for a resolution	Amendment
	Da. whereas the market-driven economy is essential for fostering innovation, growth, and investment, and the importance of respecting this principle is critical for Europe’s economic competitiveness; whereas, in a market-driven economy, private capital plays a central role in driving innovation, entrepreneurship, and the creation of new jobs, which is particularly vital for the development of the venture capital sector; whereas, despite Europe’s strong savings base, private investment, especially in venture capital, continues to lag significantly behind that of the United States; whereas policies that enable a free and competitive market environment are essential for closing this gap and ensuring that Europe can fully leverage its economic potential, attracting both domestic and international investments;

Or. en

Amendment 60

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital D a (new)

Motion for a resolution	Amendment
	Da. 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 wealth1a;
	_________________
	1a M. Draghi, The future of European competitiveness Part A \| A competitiveness strategy for Europe, 2024

Or. en

Amendment 61

Auke Zijlstra, Enikő Győri

Motion for a resolution

Recital D a (new)

Motion for a resolution	Amendment
	Da. whereas a bigger savings volume in Europe compared to the US also curbs inflation compared to the US, and therefore better protected purchasing power of European households;

Or. en

Amendment 62

Isabel Benjumea Benjumea

Motion for a resolution

Recital D b (new)

Motion for a resolution	Amendment
	Db. whereas 70% of retail savings in the Union are deposited in bank deposits, and only 30% are held in the form of capital market instruments, whereas in the United States, the situation is the opposite;

Or. en

Amendment 63

Ľudovít Ódor, Anouk Van Brug, Billy Kelleher

Motion for a resolution

Recital E

Motion for a resolution	Amendment
E. whereas EU households saved 14.79 % of their disposable income and EU citizens held 31.01 % of their savings (EUR 11.63 trillion) in currency and deposits, which offer limited returns; whereas they held 36 % (EUR 13.42 trillion) in equity and investment fund shares and 27 % (EUR 10.06 trillion) in insurance, pensions and standardised guarantees4 ;	E. whereas EU households saved 14.79 % of their disposable income (more than three times higher compared to 4,7 % in United States2a) and EU citizens held 31.01 % of their savings (EUR 11.63 trillion) in currency and deposits (12,1 % in US) offering only limited returns; whereas they held 36 % (EUR 13.42 trillion) in equity and investment fund shares (49,1 % in US) and 27 % (EUR 10.06 trillion) in insurance, pensions and standardised guarantees (27,5 % in US)3a 4;
_________________	_________________
	2a U.S. Bureau of Economic Analysis, ‘Personal Income and Its Disposition, Monthly’, 2025
	3a Board of Governors of the Federal Reserve System, Balance Sheet of Households and Nonprofit Organizations, 2025
4 Eurostat, Financial flows and stocks, 2023 https://ec.europa.eu/eurostat/databrowser/view/NASA_10_F_BS__custom_13650774/default/table?lang=en.	4 Eurostat, Financial flows and stocks, 2023 https://ec.europa.eu/eurostat/databrowser/view/NASA_10_F_BS__custom_13650774/default/table?lang=en.

Or. en

Amendment 64

Auke Zijlstra, Enikő Győri

Motion for a resolution

Recital E

Motion for a resolution	Amendment
E. whereas EU households saved 14.79 % of their disposable income and EU citizens held 31.01 % of their savings (EUR 11.63 trillion) in currency and deposits, which offer limited returns; whereas they held 36 % (EUR 13.42 trillion) in equity and investment fund shares and 27 % (EUR 10.06 trillion) in insurance, pensions and standardised guarantees4 ;	E. whereas EU households saved 14.79 % of their disposable income and EU citizens held 31.01 % of their savings (EUR 11.63 trillion) in currency and deposits, which offer limited returns, partly due to the rise of servicing costs of banks, which are in turn the result of opaque regulations at EU level; whereas they held 36 % (EUR 13.42 trillion) in equity and investment fund shares and 27 % (EUR 10.06 trillion) in insurance, pensions and standardised guarantees4 ;
_________________	_________________
4 Eurostat, Financial flows and stocks, 2023 https://ec.europa.eu/eurostat/databrowser/view/NASA_10_F_BS__custom_13650774/default/table?lang=en.	4 Eurostat, Financial flows and stocks, 2023 https://ec.europa.eu/eurostat/databrowser/view/NASA_10_F_BS__custom_13650774/default/table?lang=en.

Or. en

Amendment 65

Sirpa Pietikäinen

Motion for a resolution

Recital E

Motion for a resolution	Amendment
E. whereas EU households saved 14.79 % of their disposable income and EU citizens held 31.01 % of their savings (EUR 11.63 trillion) in currency and deposits, which offer limited returns; whereas they held 36 % (EUR 13.42 trillion) in equity and investment fund shares and 27 % (EUR 10.06 trillion) in insurance, pensions and standardised guarantees4 ;	E. whereas EU households saved 14.79 % of their disposable income and EU citizens held 31.01 % of their savings (EUR 11.63 trillion) in currency and deposits, which offer limited returns; whereas they held 36 % (EUR 13.42 trillion) in equity and investment fund shares and 27 % (EUR 10.06 trillion) in insurance, pensions and standardised guarantees4 ; whereas utilising the deposits held in European bank accounts more efficiently in the capital markets could mean an additional 350 billion euros annually for investments;
_________________	_________________
4 Eurostat, Financial flows and stocks, 2023 https://ec.europa.eu/eurostat/databrowser/view/NASA_10_F_BS__custom_13650774/default/table?lang=en.	4 Eurostat, Financial flows and stocks, 2023 https://ec.europa.eu/eurostat/databrowser/view/NASA_10_F_BS__custom_13650774/default/table?lang=en.

Or. en

Amendment 66

Pascal Canfin, Stéphanie Yon-Courtin, Gilles Boyer, Anouk Van Brug

Motion for a resolution

Recital E

Motion for a resolution	Amendment
E. whereas EU households saved 14.79 % of their disposable income and EU citizens held 31.01 % of their savings (EUR 11.63 trillion) in currency and deposits, which offer limited returns; whereas they held 36 % (EUR 13.42 trillion) in equity and investment fund shares and 27 % (EUR 10.06 trillion) in insurance, pensions and standardised guarantees4 ;	E. whereas EU households saved 14.79 % of their disposable income and EU citizens held 31.01 % of their savings (EUR 11.63 trillion) in currency and deposits, which offer limited returns; whereas they held 36 % (EUR 13.42 trillion) in equity and investment fund shares and 27 % (EUR 10.06 trillion) in insurance, pensions and standardised guarantees4 ; whereas according to the Letta report, €300 billion of European families’ savings are diverted from EU market to foreign financial markets ;
_________________	_________________
4 Eurostat, Financial flows and stocks, 2023 https://ec.europa.eu/eurostat/databrowser/view/NASA_10_F_BS__custom_13650774/default/table?lang=en.	4 Eurostat, Financial flows and stocks, 2023 https://ec.europa.eu/eurostat/databrowser/view/NASA_10_F_BS__custom_13650774/default/table?lang=en.

Or. en

Amendment 67

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Recital E a (new)

Motion for a resolution	Amendment
	Ea. whereas, since the 2008 financial crisis, EU financial regulation has focused primarily on ensuring financial stability and investor protection; whereas these objectives, while essential, have not always been pursued through the most effective or proportionate approaches; whereas future measures should place greater emphasis on making European capital markets more attractive, accessible, and competitive for both issuers and investors; whereas investor protection is fully compatible with a more risk-based regulatory framework that fosters profitability, supports market development, and encourages greater retail participation in well-diversified, preferably European, investment portfolios;

Or. en

Amendment 68

Christophe Gomart

Motion for a resolution

Recital E a (new)

Motion for a resolution	Amendment
	Ea. whereas, according to the Noyer report, the securitisation market in Europe has collapsed since 2008, falling from 2 000 billion outstanding in 2008 to 1 200 billion in 2023, whereas in the United States the current figure (13 700 billion in 2021) has increased from the 11 300 billion in 2008;

Or. fr

Amendment 69

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital E a (new)

Motion for a resolution	Amendment
	Ea. whereas as much as EUR 8 trillion could be shifted towards market-based investment instruments – or a flow of around EUR 350 billion annually –1a, if EU households adjust their allocation between deposits and financial assets to reflect the structure observed in US households;
	_________________
	1a European Central Bank, ‘Follow the money: channelling savings into investment and innovation in Europe,’ speech by Christine Lagarde, President of the European Central Bank, 22 November 2024

Or. en

Amendment 70

Stéphanie Yon-Courtin, Gilles Boyer, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Recital E a (new)

Motion for a resolution	Amendment
	Ea. whereas according to an ECB analysis, if EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to EUR 8 trillion could be redirected into long-term, market-based investments – or a flow of around EUR 350 billion annually;

Or. en

Amendment 71

Isabel Benjumea Benjumea

Motion for a resolution

Recital E a (new)

Motion for a resolution	Amendment
	Ea. whereas the ECB has calculated that if households in the Union align their deposit-to-financial-assets ratio with that of households in the United States, up to €8 trillion could be redirected toward market-based investments, which would amount to a flow of around €350 billion annually;

Or. en

Amendment 72

Regina Doherty

Motion for a resolution

Recital E a (new)

Motion for a resolution	Amendment
	Ea. whereas around 70% of corporate financing in the EU is in the form of borrowing from banks, as opposed to the US where around 77% of corporate funding is financed through capital markets;

Or. en

Amendment 73

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Recital E b (new)

Motion for a resolution	Amendment
	Eb. whereas European households invest approximately EUR 300 billion1a 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;
	_________________
	1a Much more than a Market, Enrico Letta, 2024

Or. en

Amendment 74

Regina Doherty

Motion for a resolution

Recital E b (new)

Motion for a resolution	Amendment
	Eb. whereas European markets face a significant liquidity shortfall compared to other regions, notably, the US.

Or. en

Amendment 75

Isabel Benjumea Benjumea

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, 147 ‘unicorns’ – start-ups that went on to be valued over USD 1 billion –were founded, of which 40 relocated their headquarters abroad, mainly to the US; that the administrative burden of the Union is estimated at around €150 billion (1.3% of annual GDP), and internal barriers are presented as a 100% tariff in the internal market according to the IMF;

Or. en

Amendment 76

Auke Zijlstra, Enikő Győri

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 over USD 1 billion – relocated their headquarters abroad, mainly to the US, due to a more welcoming cultural and regulatory framework for entrepreneurship;

Or. en

Amendment 77

Kinga Kollár, Isabel Benjumea Benjumea

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 over USD 1 billion – relocated their headquarters abroad, mainly to the US; reminds that only 4 of the world’s top 50 tech companies are European;

Or. en

Amendment 78

Markus Ferber

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 European ‘unicorns’ – start-ups that went on to be valued at or above USD 1 billion – relocated their headquarters abroad, mainly to the US;

Or. en

Amendment 79

Isabel Benjumea Benjumea

Motion for a resolution

Recital F a (new)

Motion for a resolution	Amendment
	Fa. whereas the opportunity cost of the lack of harmonization at the European level amounts to €200 billion annually, mainly due to the complexity and excessive volume of European legislation; between 2019 and 2024, 3,500 legislative texts and 2,000 resolutions were adopted in the U.S. Congress, while at the European level, 13,000 acts were adopted;

Or. en

Amendment 80

Rasmus Andresen

Motion for a resolution

Recital F a (new)

Motion for a resolution	Amendment
	Fa. whereas the European Central Bank highlights that climate-related risks have an impact on macroeconomic indicators such as inflation, economic growth, financial stability and monetary policy transmission and that the loss of biodiversity and the degradation of natural ecosystems are likely to amplify climate-related risks;

Or. en

Amendment 81

Ľudovít Ódor, Anouk Van Brug, Billy Kelleher

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 2.2 % of GDP in the EU in 2023, but 3.4 % in the US and 2.6 % in China, while the 2000 Lisbon strategy set a research and development spending objective of 3 %; whereas of all the R&D expenditure within the EU, private sector accounted for the share of 66 %, compared to 78 % in the US and 77,7 % in China;

Or. en

Amendment 82

Isabel Benjumea Benjumea

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas attracting private investment is crucial for stimulating economic growth, innovation, and job creation across Europe, and this can be achieved through the implementation of fiscal incentives; whereas such incentives would reduce Europe’s dependency on public resources, encouraging the efficient allocation of capital and enabling the financing of key sectors such as venture capital, infrastructure, and technology; whereas fiscal measures should be designed to respect the competences of Member States in tax policy, ensuring that they retain the flexibility to tailor tax systems according to their national priorities, while promoting a competitive and level playing field across the Union; whereas creating a coherent framework of fiscal incentives at the European level, which does not undermine Member States’ sovereignty, will enable a more dynamic and resilient economy, supporting the transition towards a market-driven economy;

Or. en

Amendment 83

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas banks remain a cornerstone of the EU financial system and a key channel for financing the real economy; whereas a well-calibrated regulatory framework is essential to safeguard financial stability, but overly stringent requirements can constrain lending and reduce competitiveness; whereas the EU has, in several instances, gone beyond international Basel standards, leading to comparatively higher compliance burdens for EU banks;

Or. en

Amendment 84

Michalis Hadjipantela

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas according to the Draghi report Europe’s position in the advanced technologies that will drive future growth is declining, highlighting that only four of the world’s top 50 tech companies are European, while the EU’s global position in tech is deteriorating, whereas, from 2013 to 2023, the EU’s share of global tech revenues dropped from 22% to 18%, while the US share rose from 30% to 38%1a;
	_________________
	1a The Draghi report: A competitiveness strategy for Europe (Part A), page 14

Or. en

Amendment 85

Ľudovít Ódor, Anouk Van Brug, Billy Kelleher, Stéphanie Yon-Courtin

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas according to the IMF, the remaining non-tariff barriers constraining intra-EU trade is estimated to be at the 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 sector5a;
	_________________
	5a International Monetary Fund, Regional Economic Outlook Notes - Europe, November 2024 ‘Europe’s Declining Productivity Growth: Diagnoses and Remedies’, https://www.elibrary.imf.org/supplemental/book/9798400287312/9798400287312.xml/REOEUREA2024002-S001_SOURCE_PDF.pdf

Or. en

Amendment 86

Sirpa Pietikäinen

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas unmitigated climate change is projected to reduce global GDP by more than 2% on average by 2060, with some regions potentially facing losses of up to 6%, due to adverse effects on labour productivity, agricultural output, human health, and infrastructure1a;
	_________________
	1a The Economic Consequences of Climate Change, OECD, 2015, https://www.oecd.org/env/the-economic-consequences-of-climate-change-9789264235410-en.htm

Or. en

Amendment 87

Lídia Pereira, Isabel Benjumea Benjumea

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas the EU faces a situation of capital drain towards the United States of America, with around 300 billion EUR of European´s savings flowing to the US capital markets, each year; whereas it is urgent to incentivize European households to save and invest in Europe;

Or. en

Amendment 88

Rasmus Andresen

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas currently over 80% of European digital technologies are imported from third countries, leading to systemic vulnerability and hampering Europe’s competitiveness and innovation potential;

Or. en

Amendment 89

Fabio De Masi

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas the ECB’s euro area bank lending survey (January 2025) and SAFE report (November 2024) identify the lack of demand for loans as the main obstacle to higher credit growth;

Or. en

Amendment 90

Aurore Lalucq

on behalf of the S&D Group

René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Lara Wolters

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas among reported barriers in the Single market, SMEs highlighted VAT for 17%, market access for 12%, finance for 10% and markets requirements for 6% 1a;
	_________________
	1a The 2025 Annual Single Market and Competitiveness Report, COM(2025) 26 final

Or. en

Amendment 91

Christophe Gomart

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas, according to a European Commission survey of 19 July 2023, only 18 % of Europeans have a high level of financial literacy;

Or. fr

Amendment 92

Markus Ferber

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas the European Commission has published its first Action Plan on Building a Capital Markets Union in September 2015;

Or. en

Amendment 93

Thomas Bajada

Motion for a resolution

Recital G a (new)

Motion for a resolution	Amendment
	Ga. whereas the July 2023 Eurobarometer survey shows that only 18% of EU citizens possess a high level of financial literacy.

Or. en

Amendment 94

Isabel Benjumea Benjumea

Motion for a resolution

Recital G b (new)

Motion for a resolution	Amendment
	Gb. whereas the ongoing trade wars and tariff disputes are causing significant uncertainty in global markets, particularly affecting cross-border investments and disrupting established supply chains; whereas the imposition of tariffs and trade barriers undermines the principles of free trade and competitive markets, which are essential for the smooth functioning of private capital 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 Union of Capital Markets by discouraging investment in the European market, particularly in high-risk sectors that rely heavily on global trade networks;

Or. en

Amendment 95

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Recital G b (new)

Motion for a resolution	Amendment
	Gb. whereas insurers play a fundamental role in achieving the objectives of the Capital Markets Union, by providing protection against risks for citizens and businesses, supporting retirement savings, and acting as major long-term investors in the EU economy;

Or. en

Amendment 96

Michalis Hadjipantela

Motion for a resolution

Recital G b (new)

Motion for a resolution	Amendment
	Gb. whereas, reducing financial constraints would support the development of innovative, young and small firms1a; whereas, Draghi’s report emphasises that excessive risk aversion hinders growth;
	_________________
	1a European Central Bank, European competitiveness: the role of institutions and the case for structural reforms, https://www.ecb.europa.eu/press/economic-bulletin/articles/2025/html/ecb.ebart202501_01~fd1781599d.en.html

Or. en

Amendment 97

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G b (new)

Motion for a resolution	Amendment
	Gb. whereas internal barriers to the single market are equivalent to a tariff of over 100 per cent for financial services alone 1a ;
	_________________
	1a IMF, Regional Economic Outlook, Europe’s Declining Productivity Growth: Diagnoses and Remedies pg, 19

Or. en

Amendment 98

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G c (new)

Motion for a resolution	Amendment
	Gc. whereas as of March 2023, there were 295 trading venues, 14 Central Counterparties (CCPs)s 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) 1a;
	_________________
	1a ECB Occasional Paper Series No 369

Or. en

Amendment 99

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Recital G c (new)

Motion for a resolution	Amendment
	Gc. whereas the European capital markets are highly fragmented, with a significant number of trading venues operating across the continent;

Or. en

Amendment 100

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Recital G d (new)

Motion for a resolution	Amendment
	Gd. whereas equity financing has significant untapped potential in supporting the growth and innovation of EU companies; whereas banks currently account for less than 5 % of private equity investments, in part due to the prudential treatment of corporate equity holdings under the Capital Requirements Regulation and the Basel III framework;

Or. en

Amendment 101

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G d (new)

Motion for a resolution	Amendment
	Gd. whereas tax and insolvency regimes across Member States remain substantially unaligned;

Or. en

Amendment 102

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Recital G e (new)

Motion for a resolution	Amendment
	Ge. whereas savings will be invested in the Union only if the European economy offers sufficiently attractive and profitable opportunities; whereas the success of the Savings and Investments Union depends on a substantial improvement in the Union’s competitiveness and overall economic attractiveness;

Or. en

Amendment 103

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G e (new)

Motion for a resolution	Amendment
	Ge. whereas according to the Draghi report, EU citizens should be able to invest across Europe without complex taxation and “the taxation related to capital investments should be synchronised as much as possible to reduce fragmentation in terms of incentives” 1a ;
	_________________
	1a Mario Draghi, “The Future of European Competitiveness”, Part B - In-depth analysis and recommendations, September 2024, p. 293

Or. en

Amendment 104

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G f (new)

Motion for a resolution	Amendment
	Gf. 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 harmonised EU tax framework is key to facilitating the free movement of workers, goods and services and in supporting growth and private investment 1a;
	_________________
	1a Enrico Letta, “Much More than a Market - Empowering the Single Market to deliver a sustainable future and prosperity for all EU Citizens”, April 2024, p. 91, 111

Or. en

Amendment 105

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Recital G f (new)

Motion for a resolution	Amendment
	Gf. whereas the United Kingdom’s withdrawal from the European Union resulted in the loss of a significant share of the Union’s capital market, while creating a proximate competitor with well-developed financial infrastructure and deep liquidity pools;

Or. en

Amendment 106

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Recital G g (new)

Motion for a resolution	Amendment
	Gg. whereas the integration of capital markets, while necessary, is not sufficient on its own to achieve the targeted increase in investment; improved efficiency of capital markets should be complemented by appropriate fiscal incentives and targeted public investment;

Or. en

Amendment 107

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G g (new)

Motion for a resolution	Amendment
	Gg. whereas the lack of exit opportunities for investors constitutes a key factor to the underdevelopment of venture and growth capital funds in the EU, whereas the EU relies excessively on bank financing 1a ;
	_________________
	1a Bank loans accounted for 50,43% of the financing of non-financial corporations (ESTAT, ECB, DG FISMA calculations 2023), Communication on European Savings and Investments Union, Call for evidence

Or. en

Amendment 108

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G h (new)

Motion for a resolution	Amendment
	Gh. whereas 84%1a of total European securitisations were retained by banks and not sold to investors; whereas with 80% of securitisation issuances concentrated in four Member States; whereas the market for securitisation issuances is highly concentrated among the market players 1b;
	_________________
	1a Monitoring systemic risks in the EU securitisation market, European Systemic Risk Board, July 202
	1b According to the European Systemic Risk Board (ESRB) “Monitoring Systemic Risks in the EU Securitisation Market“ (July 2022), in the largest segment of the EU market, RMBS, ten banks accounted for two-thirds of the total issuance

Or. en

Amendment 109

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G i (new)

Motion for a resolution	Amendment
	Gi. whereas the Recovery and Resilience Facility (RRF) could contribute to a cumulative increase in the European Union’s GDP of between 0.4 and 0.9 percentage points by 2026, and, in the specific cases of Italy and Spain, by between 1.2 and 1.9 percentage points 1a ;
	_________________
	1a ECB Occasional Paper Series No 362

Or. en

Amendment 110

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G j (new)

Motion for a resolution	Amendment
	Gj. whereas the payments under the Recovery and Resilience Facility (RRF) currently cannot be made after December 2026;

Or. en

Amendment 111

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G k (new)

Motion for a resolution	Amendment
	Gk. whereas the current largest risk-sharing instrument of the Union is the InvestEU programme; whereas most of the implementing partners remain mainly focused on the lower-risk scope of investment;

Or. en

Amendment 112

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Recital G l (new)

Motion for a resolution	Amendment
	Gl. whereas political resistance and divergent national interests have prevented reaching consensus on the achievement of a CMU;

Or. en

Amendment 113

Isabel Benjumea Benjumea

Motion for a resolution

Subheading 1

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

Or. en

Amendment 114

Lefteris Nikolaou-Alavanos, Kostas Papadakis

Motion for a resolution

Paragraph -1 (new)

Motion for a resolution	Amendment
	-1. The ‘Draghi report’ on the ‘competitiveness of EU businesses’ seeks to reorient the EU’s capitalist economy at a time when the EU’s geopolitical competition is intensifying, with China and the US competing for primacy, with the US, but also with Russia, while the first signs of a new economic crisis are becoming visible. It aims to mobilise accumulated funds that have not been invested through the European Green Deal and the Recovery and Resilience Fund, giving additional incentives to economic groups, worth billions of euro, and even offering up ordinary people’s deposits, pension funds, the fruits of a lifetime of hard work of working-class families. The report is characterised by its support for the EU’s shift to the ‘war economy’, which is already coming into being with the plans ‘ReArm Europe’, ‘EU Preparedness Union’ and ‘ProtectEU’, and signifies the EU’s growing involvement in the imperialist war in Ukraine, against capitalist Russia, in the framework of Euro-Atlantic planning, but also independently, with the ‘plundering’ of Ukraine’s mineral wealth, energy transmission grids, etc. It also concerns the EU’s support to the occupying state of Israel, which is committing genocide against the Palestinian people. In the name of competitiveness, the ‘Draghi report’ promotes wage and pension freezes, dramatic cuts in education, health, welfare, civil protection, and their simultaneous commercialisation in order to subsidise the profitability of groups. In the same vein, it promotes the further dismantling of the rights to trade union organisation and action and to strike, fostering the climate of the ‘threat of war’ and ‘extraordinary circumstances’. According to the ‘Draghi report’, the EUR 800 billion bill for the war economy will be paid for very dearly by the EU’s workers, the poor working classes, in order to safeguard the profitability and interests of large companies, at a time when the ‘working poor’ comprise more than one third of the EU’s population and four out of ten are continuously or periodically unable to meet their standing obligations.
	For these reasons, the ‘Draghi report’ and the EU’s anti-grassroots planning – which aims to strengthen economic groups at the expense of the rights and needs of the working people – are rejected.

Or. el

Amendment 115

Rasmus Andresen

Motion for a resolution

Paragraph -1 (new)

Motion for a resolution	Amendment
	-1. Is concerned by the ongoing geopolitical uncertainties and their impact on macroeconomic indicators and their social consequences; Notes that these uncertainties have already significantly increased volatility on financial markets and led to the weakening of the US dollar; Believes that now is the ideal moment to accelerate the integration of Europe’s capital markets, as a more integrated capital market can foster greater investment flows, improve financial stability, and position the euro as a more prominent global currency, bolstering Europe’s economic sovereignty and resilience; Highlights that rule of law, legislative stability and predictability are pivotal for international investors; Urges the Commission to refrain from making significant changes to recently adopted legislations; Stresses that the issuance of a common EU debt would contribute to the attractiveness of EU financial markets, by providing international investors with a safe and liquid asset; Emphasises that a digital euro by providing a secured, free and easily accessible mean of payment would significantly contribute to the monetary sovereignty and foster the international role of the euro;

Or. en

Amendment 116

Isabel Benjumea Benjumea

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 liberalisation of the market that boost a general mobilisation of all financial resources and available instruments assigned efficiently to strengthen EU security and industrial and technological sovereignty, achieved through private investment, market opening, and barrier reduction, thus eliminating the heavy reliance on subsidies; reminds that market liberalization leads to an attraction of investments and boosts the creation and growth of companies, which also creates quality jobs and contribute to the improvement of citizens quality life , in a context of geopolitical instability and international tensions where overregulation discourages investment and wealth generation;

Or. en

Amendment 117

Regina Doherty

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 legal, administrative, and financial resources to build a strong union of capital markets in Europe, which will boost private investment, increase retail investment, turn savers into investors, make saving more productive, improve European living standards, increase economic growth, and generate more capital for investment, and which in turn will sustain the green and digital transition, create quality jobs and increase economic opportunity and social mobility, in a context of geopolitical instability and international tensions;

Or. en

Amendment 118

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

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 financial resources and available instruments to strengthen the EU’s competitiveness and open strategic autonomy through an enhanced and horizontal industrial policy focused on innovation, critical technologies, and defence capabilities, to enable EU businesses to compete globally in a context of geopolitical instability and international tensions;

Or. en

Amendment 119

Auke Zijlstra

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 to strengthen EU security, industrial and technological sovereignty and competiveness, which creates quality jobs and contributes to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 120

Pierre Pimpie

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 financial resources and available instruments to strengthen EU security, industrial and technological sovereignty and create quality jobs, in a context of geopolitical instability and international tensions;

Or. en

Amendment 121

Arba Kokalari

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 the development of a Savings and Investments Union to strengthen EU security and industrial and technological sovereignty, sustain the green transition, strengthen competitiveness, increase economic growth, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 122

Markus Ferber

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty and improve the Union’s competitiveness in a context of geopolitical instability and international tensions;

Or. en

Amendment 123

Rasmus Andresen

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, accelerate the green transition, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 124

Fernand Kartheiser, Geadis Geadi, Kristoffer Storm, Nora Junco García, Diego Solier, Adrian-George Axinia, Georgiana Teodorescu

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, sustain the digital transition, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 125

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

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 financial resources and available instruments to boost EU’s competitiveness, strengthen its security and industrial and technological sovereignty, , create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 126

Dirk Gotink

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 mobilisation of private sector financial resources to strengthen EU security and industrial and technological sovereignty, sustain the clean transition and decarbonisation, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 127

Giovanni Crosetto, Denis Nesci, Francesco Ventola

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, sustain the energy transition, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 128

Anouk Van Brug, Engin Eroglu

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 substantial mobilisation of 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;

Or. en

Amendment 129

Lídia Pereira

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, sustain the digital and green transition, enhance competitiveness, generate sustained economic growth, create quality jobs and contribute to upward social convergence and cohesion, in a context of geopolitical instability and international tensions;

Or. en

Amendment 130

Kinga Kollár, Isabel Benjumea Benjumea

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, sustain the green transition, create quality jobs, promote the SME sector and contribute to upward social convergence, in a context of geopolitical instability and international tensions; notes that security is a precondition of sustainable growth;

Or. en

Amendment 131

Guillaume Peltier

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, sustain the green transition, in particular the creation of new bio-based and compostable materials, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. fr

Amendment 132

Sirpa Pietikäinen

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, upgrading and accelerating the green transition towards levels deemed scientifically as minimum targets, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 133

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

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 an urgent general mobilisation of all financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, sustain and invest in the green transition, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 134

Michalis Hadjipantela

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, sustain the green and digital transition, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 135

Guillaume Peltier

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 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, against a backdrop of geopolitical instability and international tensions, and rising debt levels in the eurozone;

Or. fr

Amendment 136

Carla Tavares, Jonás Fernández

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 financial resources and available instruments to strengthen EU security and industrial and technological sovereignty, including enhance the resilience and protection of critical infrastructure—including electricity, water, and communication systems—to safeguard Europeans and EU businesses and mitigate the impact of blackouts and other major disruptions; sustain the green transition, create quality jobs and contribute to upward social convergence, in a context of geopolitical instability and international tensions;

Or. en

Amendment 137

Christophe Gomart

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 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; notes, in this connection, that securitisation, by distributing risk to investors best placed to bear it, represents a powerful lever to increase the capacity of private investors to finance the Union’s strategic priorities.

Or. fr

Amendment 138

Regina Doherty

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution	Amendment
	1a. Stresses that competitiveness is not a challenge that will be solved by new money alone; stresses that the EU cannot spend its way out of relative decline; calls on the Commission and all Member States to take action and implement legal and administrative reforms that enhance competitiveness, promote innovation and dynamism, streamline bureaucracy, reduce costs and regulatory burdens for innovators, simplify reporting requirements, create an investment friendly climate in Europe, increase trading opportunities with third countries, tackle gold-plating, and improve administrative cooperation between Member States; rejects any move towards increased EU protectionism; welcomes the priority given by the European Commission to reduce the burden on businesses of legally mandated reporting requirements by 25% and 35% for SMEs; calls for this priority to be implemented across all sectors;

Or. en

Amendment 139

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution	Amendment
	1a. Highlights the importance of strengthening confidence in the banking system, ensuring financial stability and promoting an efficient single market are fundamental objectives for the EU; recalls that completing the Banking Union is a necessary condition to achieve these goals, as it will not only enhance the protection of savers but also create a safer and more predictable environment for investments, which is essential to drive economic growth; shares that a convergent banking union system will help reduce market fragmentation, improve capital allocation and reinforce the Union’s global competitiveness; recognises that the competition of the Banking Union must be a strategic priority in the deepening of the Economic and Monetary Union;

Or. en

Amendment 140

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution	Amendment
	1a. Calls for the revision of the green transition agenda in light of the administrative burden that chokes European businesses, especially SMEs and start-ups. Regrets, in this regard, that the Commission - despite of their negative economic effects - did not repealed the CSRD and CSDDD directives in the context of the Omnibus proposal. Calls on the co-legislators to significantly cut red tape during the negotiations of the “content proposal” of the Omnibus package;

Or. en

Amendment 141

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

Motion for a resolution

Paragraph 1 b (new)

Motion for a resolution	Amendment
	1b. Calls on the Commission to come forward with further proposals to reduce administrative burden in order to increase the disposable financial resources of the EU companies. Reiterates the importance to create a truly business and investment-friendly environment;

Or. en

Amendment 142

Rasmus Andresen

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, boosted by the Draghi and Letta reports; Recalls that productivity gains could mainly be achieved through investments into innovative activities; Recognises that building a sustainable economy constitutes an important competitive advantage of the EU economy and the cornerstone of EU economic sovereignty; Strongly believes that developing a robust and credible sustainable finance framework is pivotal in channelling investments in line with EU long-term objectives and attracting international investors;

Or. en

Amendment 143

Regina Doherty

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. 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; Welcomes the renewed debate on the need to improve EU competitiveness, boosted by the Draghi and Letta reports;

Or. en

Amendment 144

Michalis Hadjipantela

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 urgent need to restore and enhance EU competitiveness and economic growth, as stimulated by the Draghi and Letta reports, which provide crucial impetus for strategic investment and structural reform across the European Union;

Or. en

Amendment 145

Sirpa Pietikäinen

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 in a socially and ecologically sustainable manner, boosted by the Draghi and Letta reports;

Or. en

Amendment 146

Markus Ferber

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 growth and thereby economic growth, boosted by the Draghi and Letta reports;

Or. en

Amendment 147

Markus Ferber

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 competitiveness and productivity, boosted by the Draghi and Letta reports;

Or. en

Amendment 148

Christophe Gomart

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 and competitiveness, boosted by the Draghi and Letta reports;

Or. fr

Amendment 149

Arba Kokalari

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 and competitiveness, boosted by the Draghi and Letta reports;

Or. en

Amendment 150

Isabel Benjumea Benjumea

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, boosted by the Draghi and Letta reports; shares the view that Europe has fallen behind its competitors due to the regulatory overload and strong state intervention, which have distorted markets and discouraged the proliferation of new companies and the growth of existing ones;

Or. en

Amendment 151

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

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, boosted by the Draghi and Letta reports; highlights that Europe is lagging behind, and the risk of our region becoming irrelevant could arise if no further action is taken;

Or. en

Amendment 152

Auke Zijlstra

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, boosted by the Draghi and Letta reports; points out that a restoration of productivity implies the European productive economy was competitive before, meaning before the Single Market and the single currency;

Or. en

Amendment 153

Kinga Kollár, Isabel Benjumea Benjumea

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, boosted by the Draghi and Letta reports; points out that competition stimulates productivity, investment and innovation;

Or. en

Amendment 154

Markus Ferber

Motion for a resolution

Paragraph 2 a (new)

Motion for a resolution	Amendment
	2a. Stresses that simplification and the reduction of bureaucratic burdens is a key element in improving the Union’s competitiveness; welcomes the European Commission’s commitment to this objective and to the first proposals in that regard, such as the sustainability omnibus;

Or. en

Amendment 155

Markus Ferber

Motion for a resolution

Paragraph 2 b (new)

Motion for a resolution	Amendment
	2b. Points out that the number and complexity of level 2 and level 3 measures in particular have become a key driver of administrative burden in the Union’s system of financial services legislation; invites the Commission and ESAs to evaluate how to reduce the number and complexity of upcoming delegated acts, implementing acts, Q&As and guidelines; stresses that the ESAs should strictly stick to the mandate provided by the European legislator;

Or. en

Amendment 156

Isabel Benjumea Benjumea

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 turning point for action to foster both private investments; reminds that the European Union’s efforts to complete the Capital Markets Union have not yielded a definitive result since 2015; encourages all parts to make efforts to achieve the Union of Savings and Investments as soon as possible;

Or. en

Amendment 157

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

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 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 digital and green tech sectors, the transitioning automotive sector and heavy industries such as steel and chemicals ones;

Or. en

Amendment 158

Sirpa Pietikäinen

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 sustainable investments;

Or. en

Amendment 159

Kinga Kollár, Isabel Benjumea Benjumea

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 an ultimate wake-up call for European and national decision-makers, as well as a starting point for action to foster both private and public investments;

Or. en

Amendment 160

Auke Zijlstra

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 investments;

Or. en

Amendment 161

Eero Heinäluoma

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;
	Notes that IORPS across Europe allocate nearly 40% of their assets towards investment funds, of which only 33% is directed towards funds primarily focused on equity investments.
	Regrets that only around 30% of the investments of these investment funds are in the EU, mainly in Netherlands, Germany, Luxembourg and France, while investments in the USA account for 46% of the total.
	Is concerned that the Cayman Islands attracts the third largest share of non European indirect investments of IORPS.
	(EIOPA Iorps in focus report, 2024, 11/2/2025)
	Calls upon the Commission to propose legislative measures to encourage higher exposure of IORPS towards equity investments in the EU.

Or. en

Amendment 162

Regina Doherty

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; Acknowledges the work that has taken place heretofore to build a capital markets union; recalls that such work now needs to be accelerated;

Or. en

Amendment 163

Danuše Nerudová

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 enhance the EU’s support for public-private partnerships; stresses that public investment plays a crucial role in catalyzing private investment; 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;

Or. en

Amendment 164

Rasmus Andresen

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; welcomes that the Commission acknowledges the need to mobilise public finance to support innovation in the EU;

Or. en

Amendment 165

Engin Eroglu

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 as a wake-up call for a genuine cut in red tape in the sector and serious government reforms for sound EU budgets;

Or. de

Amendment 166

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

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; calls on the Member States to embrace the wake-up call posed by the Draghi and Letta reports;

Or. en

Amendment 167

Rasmus Andresen

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution	Amendment
	3a. Recalls that the 3% of GDP target in Research and Innovation is still far from being achieved; calls the Commission and the Member States to ensure sufficient financing and tools in order to achieve that target and to fund all high-quality projects throughout the innovation cycle, from basic research to demonstration and market deployment; insists on the need for continuity and long-term investments and a dedicated budget for research and innovation to anchor Europe’s global leadership;

Or. en

Amendment 168

Aurore Lalucq

on behalf of the S&D Group

René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution	Amendment
	3a. Notes with concerns the risks of negative shock to economic growth1a and the ongoing turmoil in financial markets that could threaten the prosperity of European citizens, workers and businesses, such as social inequalities escalating trade tensions, climate change, the increase of environmental hazard and a fragmented Single Market;
	_________________
	1a IMF, World Economic Outlook, April 2025

Or. en

Amendment 169

Markus Ferber

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution	Amendment
	3a. Points out that the European Commission adopted its first "Action Plan on Building a Capital Markets Union" in September of 2015; regrets that progress in integrating EU capital markets since then has been limited;

Or. en

Amendment 170

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 3 b (new)

Motion for a resolution	Amendment
	3b. Underlines, however, that the EU has demonstrated its resilience thanks to its robust regulatory framework, positioning itself as a zone of stability; considers that this stability could become a genuine comparative and competitive advantage; highlights the intrinsic link between the rule of law and sustainable economic growth; commends Council to speed up the adoption of remaining legislation to secure its financial stability framework and to finalise the banking union;

Or. en

Amendment 171

Markus Ferber

Motion for a resolution

Paragraph 3 b (new)

Motion for a resolution	Amendment
	3b. Welcomes the adoption of the Commission’s communication ‘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 effectively channel savings into investments;

Or. en

Amendment 172

Markus Ferber

Motion for a resolution

Paragraph 3 c (new)

Motion for a resolution	Amendment
	3c. Points out that the lack of progress in integrating EU financial markets has often been due to the reservations of EU Member States; calls on Member States to make use of the existing momentum and work together with the Parliament to truly advance the integration of EU financial markets;

Or. en

Amendment 173

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 3 c (new)

Motion for a resolution	Amendment
	3c. Urges the Commission to issue proposals that will aim at mobilising additional capital while allocating financial resources to meet the objectives as set in Article 3 of the Treaty on European Union ;

Or. en

Amendment 174

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 3 d (new)

Motion for a resolution	Amendment
	3d. Insist on the urgency of taking action, speeding up decision-making, reducing implementation delays, and accelerating decisions on state aid and subsidies;

Or. en

Amendment 175

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 3 e (new)

Motion for a resolution	Amendment
	3e. Considers the Union must advance with its CMU to leverage private sector investments; emphasises it will require public sector support to deliver the minimum annual additional investment needed to restore a sustainable and innovative industrial sector and to anchor the Unions’ prosperity; highlights that an increase in productivity would also generate a larger fiscal space and that public investment can trigger a countercyclical policy that boosts innovation, sustainable inclusive growth and jobs creation;

Or. en

Amendment 176

Marco Falcone, Fulvio Martusciello

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 feel the need to relocate to gain easier access to finance and resources; invites the European Commission and the Member States to step up their efforts to remove barriers and obstacles that fragment the single market and discourage European companies from remaining within the Union, in particular those related to disproportionate administrative burdens, inconsistent tax regimes between Member States, punitive environmental burdens, excessive time required to obtain authorisations and licences, difficulties in accessing finance; stresses that these critical issues undermine the competitiveness of European industry and push many companies to relocate to third countries with fewer regulatory constraints and lower costs.

Or. it

Amendment 177

Pierre Pimpie

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 feel the need to relocate to gain easier access to finance and resources; acknowledges that the European market does not sufficiently facilitate business growth and access to capital; insists, however, that addressing this issue should not come at the expense of investors asset security;

Or. en

Amendment 178

Regina Doherty

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 are forced to relocate in order to scale their businesses and to gain easier access to finance and resources; consequently stresses the importance of developing a strong ecosystem for venture capital and investment in the EU;

Or. en

Amendment 179

Auke Zijlstra, Enikő Győri

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. Notes that many EU-based entrepreneurs relocate to gain easier access to finance, high-skill labour and resources and to escape opaque regulations which dissuade investment and business expansion; notes that they turn to venture capital providers outside the EU and scale up in foreign markets, where investment and expansion is welcomed rather than frowned upon;

Or. en

Amendment 180

Isabel Benjumea Benjumea

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 need to relocate to gain access to finance and resources; regrets that they turn to venture capital providers outside the EU and scale up in foreign markets, as our market are not able to attend their demands; calls for the development of venture and risk capital for companies to obtain investment in our markets;

Or. en

Amendment 181

Arba Kokalari

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 feel the need to relocate to gain easier access to finance and resources and that they turn to venture capital providers outside the EU and scale up in foreign markets; stresses that the priority must be to understand and address the root causes of relocation by fostering a more competitive and attractive internal market, providing EU-based entrepreneurs with the conditions to grow and scale within the Union, and ensuring a regulatory environment that is not overly burdensome or restrictive;

Or. en

Amendment 182

Giovanni Crosetto, Denis Nesci, Francesco Ventola

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 feel the need to relocate to gain easier access to finance and resources; notes with concern that they turn to venture capital providers outside the EU and scale up in foreign markets, underlining the need for EU institutions to foster a more attractive and supportive environment for innovation and growth;

Or. en

Amendment 183

Lídia Pereira, Isabel Benjumea Benjumea

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. Acknowledges that many EU-based entrepreneurs feel the need to relocate to gain easier access to finance and resources; notes with concern that they usually turn to venture capital providers outside the EU and scale up in foreign markets, mainly due to insufficiencies and inneficiencies in the European capital markets;

Or. en

Amendment 184

Pascal Canfin, Stéphanie Yon-Courtin, Gilles Boyer, Billy Kelleher, Anouk Van Brug

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 feel the need to relocate to gain easier access to finance and resources; deplores 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 ;

Or. en

Amendment 185

Johan Van Overtveldt

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 feel the need to relocate to gain easier access to finance and resources; emphasises that they turn to venture capital providers outside the EU and scale up in foreign markets because of the lack of an integrated CMU in the EU;

Or. en

Amendment 186

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

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 feel the need to relocate to gain easier access to finance and resources; regrets that the current EU regulatory and financial ecosystem does not yet provide a sufficiently deep, accessible, and diversified framework to support the financing needs of growing companies; deplores that this structural shortcoming forces many EU-based entrepreneurs to seek venture capital and scale-up opportunities in third countries;

Or. en

Amendment 187

Michalis Hadjipantela

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 feel the need to relocate to gain easier access to finance and resources; deplores the insufficient availability of venture capital providers within the Union and calls for immediate and concrete efforts to establish a robust and accessible venture capital ecosystem, highlighting the Union’s ability for sustainable innovation and economic growth;

Or. en

Amendment 188

Eero Heinäluoma

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 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, whilst the EU generates more start-ups than the US per year and the return on venture capital investments is running about 6 % higher in the EU https://www.ceps.eu/its-finally-time-to-leverage-pension-funds-to-foster-eu-productivity-and-benefit-pensioners/ ;

Or. en

Amendment 189

Rasmus Andresen

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 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; Concurs with the Draghi and Letta reports that the EU should further develop its venture capital markets; Highlights however that public support to venture capital markets should be targeted exclusively to projects aligned with the Green Deal objectives and having positive social impact;

Or. en

Amendment 190

Markus Ferber

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 feel the need to relocate to jurisdictions outside the EU in order 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; recognises that such decisions point to a general lack of competitiveness of the European funding ecosystem, particularly in the scale-up phase, that needs to be adressed;

Or. en

Amendment 191

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

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 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; welcomes the recent adoption of the Listing Act that will make it easier for companies of all sizes, including SMEs, to list on European stock exchanges;

Or. en

Amendment 192

Sirpa Pietikäinen

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 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; therefore calls stronger attention on enabling the formation and functioning of sufficiently large European growth and buyout funds;

Or. en

Amendment 193

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 4 a (new)

Motion for a resolution	Amendment
	4a. Regrets that the low level of financial education in many Member States of the European Union 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, and also prevents citizens from being better equipped to hold governments accountable; affirms that this gap in financial education not only jeopardises individuals’ economic well-being but also limits active participation in capital markets and hinders the development of an investment culture that is crucial for economic growth; 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; advocates for the urgent need to adopt measures to promote more accessible and equitable financial education throughout the EU respecting national competences;

Or. en

Amendment 194

Markus Ferber

Motion for a resolution

Paragraph 4 a (new)

Motion for a resolution	Amendment
	4a. Highlights that European financial markets need to be attractive and easy to access for both, issuers and investors; underlines that his applies for both primary and secondary markets; highlights that the decision to list on a regulated market often comes with significant additional requirements for companies, inter alia in order to protect investors; notes that such requirements can be perceived as a disadvantage of going public; calls on the Commission to continuously monitor to administrative and compliance costs of publicly listed companies with a view to reduce them, in particular for small and medium companies; welcomes the recently adopted Listing Act as a first step in this regard; calls for a pragmatic implementation of the Listing Act and calls on the Commission to further build on this initiative;

Or. en

Amendment 195

Markus Ferber

Motion for a resolution

Paragraph 4 b (new)

Motion for a resolution	Amendment
	4b. Highlights that in particular for listed SMEs obtaining sufficient equity research coverage poses a challenge; points out that the unbundling of research costs from trading execution fees under MiFID II might have compounded that problem; welcomes that this requirement has been subsequently relaxed by the Listing Act; calls on the Commission and ESMA to further monitor the development of equity research trends, in particular for SMEs;

Or. en

Amendment 196

Markus Ferber

Motion for a resolution

Paragraph 4 c (new)

Motion for a resolution	Amendment
	4c. Points out the importance of SME Growth Markets that help smaller companies go public; calls on the Commission to strengthen SME Growth Markets, including by introducing more streamlined requirements for listings on those markets;

Or. en

Amendment 197

Giovanni Crosetto, Denis Nesci, Francesco Ventola

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. Supports a market-driven approach to growth by promoting a regulatory environment that enables private sector innovation, while ensuring essential public services and infrastructure are efficiently maintained;

Or. en

Amendment 198

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

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 used in a way that generates savings for European taxpayers, notably by prioritising the provision of European public goods in areas where EU-level action enables greater efficiency and economies of scale, while also serving as a catalyst for private investment to boost EU competitiveness, productivity and closing the innovation gap;

Or. en

Amendment 199

Isabel Benjumea Benjumea

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 what role they can play while catalysing private investments;

Or. en

Amendment 200

Danuše Nerudová

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 and on ensuring the sustainability and accessibility of public services and infrastructure while catalysing private investment in innovative and clean industries under well-defined conditions;

Or. en

Amendment 201

Pierre Pimpie, Enikő Győri

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. Stresses that public resources should be allocated in a balanced manner, ensuring both the sustainability and accessibility of public services and infrastructure, while also fostering private investment in key industries, including innovative and strategic sectors, in a way that fully reflects the economic specificities and sectoral priorities of each Member State.

Or. en

Amendment 202

Regina Doherty

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 investment, economic growth, achieving value for money, ensuring the sustainability and accessibility of public services and infrastructure while catalysing private investment in innovative and clean industries;

Or. en

Amendment 203

Fernand Kartheiser, Geadis Geadi, Kristoffer Storm, Nora Junco García, Diego Solier, Adrian-George Axinia, Georgiana Teodorescu

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 ensuring the sustainability and accessibility of public services and infrastructure while catalysing investment in innovative industries under well-defined conditions;

Or. en

Amendment 204

Thomas Bajada

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 enhancing the wellbeing of EU citizens, therefore ensuring the sustainability and accessibility of public services and infrastructure, especially those related to services of general interest, while catalysing private investment in innovative and clean industries under well-defined conditions;

Or. en

Amendment 205

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

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 ensuring the sustainability and accessibility of public services and infrastructure while catalysing private investment in innovative and clean industries under well-defined social and environmental conditions;

Or. en

Amendment 206

Lídia Pereira, Isabel Benjumea Benjumea

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 ensuring the quality, efficiency, sustainability and accessibility of public services and infrastructure while catalysing private investment in innovative and clean industries under well-defined conditions;

Or. en

Amendment 207

Sirpa Pietikäinen

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 ensuring the sustainability and accessibility of public services and infrastructure while catalysing private investment in innovative and clean technologies and industries under well-defined conditions;

Or. en

Amendment 208

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Believes that families are the main pillar sustaining the social fabric and well-being in Europe; recalls that those with children and dependent persons in their care have borne a disproportionate share of the burden from the successive economic crises of the past fifteen years; shares that for families to thrive, build their future and take on their responsibilities with confidence, they must have real opportunities to generate savings and accumulate wealth; emphasizes in this sense the development of deep, accessible and efficient capital markets that facilitates retail investments, protects them and promotes financial education; supports the access of household to financial markets as a priority in the design of the Savings and Investments Union Strategy;

Or. en

Amendment 209

Regina Doherty

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Highlights the importance of regulatory simplification in order to boost competitiveness; emphasises that overly complex and onerous rules deter investment, reduce prosperity, increase the cost of living, and undermine living standards; calls for a continued focus on improving the regulatory environment in the EU to boost investment and dynamism, and provide greater certainty; Calls on Member States to review reduce and tackle gold-plating in the interests of promoting competiveness, simplification, and investment, including by removing regulatory complexity, which distorts competition in the Single Market, increases costs in different sectors, and acts as barriers to cross-border investment and retail investment;

Or. en

Amendment 210

Jussi Saramo, Pasquale Tridico, Gaetano Pedulla’, Manon Aubry

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Recognizes that the capital markets cannot meet all of Europe’s investment needs; emphasizes that public investment must be at the heart of the green and digital transition and that the role of public investment should not be reduced to ‘de-risking’ private investment; recognizes, therefore, the need to redesign the EU’s public financing architecture and calls for the establishment of an EU investment fund as part of the next MFF;

Or. en

Amendment 211

Johan Van Overtveldt

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Emphasises that closing the investment gap is not solely a matter of mobilising large financial volumes, but of ensuring 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.

Or. en

Amendment 212

Sirpa Pietikäinen

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Calls for leveraging the momentum for the creation of a new European model of sustainable competitiveness based on achieving true circularity and resource independence; including a more robust measuring of competitiveness and growth beyond the gross domestic product and incorporating them within the EU Semester and budget;

Or. en

Amendment 213

Eero Heinäluoma

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Believes that EU’s state aid guidelines for banking need a fresh evaluation to better address competitive disparities and reinforce market discipline.

Or. en

Amendment 214

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Stresses that any regulatory or legislative initiative should be based on a thorough assessment of its costs and benefits; underlines that rigorous analysis is essential to ensure that new measures effectively support growth, innovation, and competitiveness without imposing undue administrative or compliance burdens;

Or. en

Amendment 215

Anouk Van Brug, Billy Kelleher, Engin Eroglu, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Stresses that the EU’s business climate should be highly attractive to companies and investors, enabling them to develop innovative business cases in an enabling regulatory environment; reiterates its long standing call to reduce the cumulative administrative burden in this regard, especially for SME’s;

Or. en

Amendment 216

Fabio De Masi

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Underlines that despite the deepening of the internal market the economies of EU member states are characterized by greater variety and therefore smaller scale when compared to the US economy owing to different language regimes and legal systems (such as insolvency laws);

Or. en

Amendment 217

Gilles Boyer, Stéphanie Yon-Courtin, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Underlines the importance of EU actors, citizens, companies and financial industries, in the success of the SIU. They will be instrumental to reconcile EU retail investor participation and EU economy financing, which are two faces of the same ambition;

Or. en

Amendment 218

Lídia Pereira, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Underlines the importance of an ambitious, measurable and determined EU strategy to promote financial literacy in Europe, empowering our citizens to better protect and mobilize their savings and to build on a more attractive capital market;

Or. en

Amendment 219

Irene Tinagli

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Stresses that the lack of affordable, adequate and social housing - particularly in areas of high demand - has become a structural bottleneck for labour mobility and productivity which undermines the competitiveness in the Union;

Or. en

Amendment 220

Ralf Seekatz

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Underlines that further investments in critical infrastructure could be sparked by an increased use of public private partnerships; calls on the Commission to issue a recommendation to Member States on such partnerships;

Or. en

Amendment 221

Rasmus Andresen

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Recalls that previous financial crisis were the direct consequences of too lenient regulations; Reminds past financial crisis had long-lasting economic effects on growth, productivity and social inclusion; Stresses that an effective and comprehensive regulatory framework, supported by robust consumer protection mechanisms, is a key driver of EU banking sector competitiveness and is essential for encouraging greater retail participation in the EU’s capital markets; Recalls that a series of studies from the Basel Committee for Banking Supervision (BCBS) shows that, even during the challenging years after the crisis, the Basel III reforms helped European banks to support their national economies; Considers that ensuring adequate protection of retail investors and addressing the existing financial advisors’ conflict of interests are essential to restore EU citizens’ trust in financial markets, thereby fostering a more transparent, equitable, and competitive market environment that benefits all stakeholders; Welcome initiatives to promote financial inclusion and ensure access of retail investors to basic financial products;

Or. en

Amendment 222

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Welcome the self-imposed goal by the Commission to be an “investment Commission” and unlock the financing needed for the green, digital and social transition as well as to maximise public investment, leverage and de-risk private capital;

Or. en

Amendment 223

Kinga Kollár

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution	Amendment
	5a. Highlights the need to accelerate innovation and find new growth engines, bring down high energy prices while continuing to decarbonise and shift to a circular economy;

Or. en

Amendment 224

Irene Tinagli

Motion for a resolution

Paragraph 5 b (new)

Motion for a resolution	Amendment
	5b. Calls on the Commission and Member States to strengthen the housing policy’s dimension into the European Semester and other macroeconomic coordination tools, and to mobilise investments and reforms to improve the affordable and social housing situation, particularly in areas of high demand, as a precondition for enhancing the Union’s competitiveness;

Or. en

Amendment 225

Johan Van Overtveldt

Motion for a resolution

Paragraph 5 b (new)

Motion for a resolution	Amendment
	5b. Underlines that many reforms needed to close the investment gap do not require any financial resources, but political determination to implement these reforms;

Or. en

Amendment 226

Regina Doherty

Motion for a resolution

Paragraph 5 b (new)

Motion for a resolution	Amendment
	5b. Calls for reforms to make it easier for small businesses to register for VAT across the EU, including electronically;

Or. en

Amendment 227

Rasmus Andresen

Motion for a resolution

Paragraph 5 b (new)

Motion for a resolution	Amendment
	5b. Takes note of EIOPA’s finding that over the 2020-2023 period, insurance-based investment products returns did not outperform inflation levels, meaning that EU savers have lost wealth in real terms; Deplores that EU savers do not get returns commensurate to the risks they take, due to the higher fees they face compared to their peers; Is concerned that the current distribution model acts as an incentive for retail investors to invest in unproductive assets, such as crypto-assets; Calls on the Commission to take decisive action to reform the EU financial products distribution model; Is still of the view that an inducement ban is the best way to address the issue;

Or. en

Amendment 228

Regina Doherty

Motion for a resolution

Paragraph 5 c (new)

Motion for a resolution	Amendment
	5c. Urges the Commission to review the prudential framework for investment firms under IFR/IFD, to ensure it is proportionate and fit for purpose; stresses that investment firms acting as market makers provide important market liquidity; reiterates that constraints that may unduly reduce liquidity provision by investment firms or deter market entry by smaller firms should be addressed by legislative changes;

Or. en

Amendment 229

Irene Tinagli

Motion for a resolution

Paragraph 5 c (new)

Motion for a resolution	Amendment
	5c. Calls for the strengthening of the European welfare state, including universal access to quality public services, housing, mobility, and childcare, as a condition to ensure social cohesion during the transition to a more digital and green economy;

Or. en

Amendment 230

Rasmus Andresen

Motion for a resolution

Paragraph 5 c (new)

Motion for a resolution	Amendment
	5c. Notes that the EU financial sector withstood the recent economic and financial shocks triggered by the Russian aggression over Ukraine or the Trump administration decisions to impose unilateral tariffs; Highlights that the robustness of the financial sector is a key element of its competitiveness; Stresses in this regard that the post-financial crisis reforms should be maintained and completed; Underlines that only a full implementation of the Basel standards would ensure that EU banks are financially sound; Notes that a higher proportion of insurers’ assets portfolio is composed of corporate bonds and equities in 2024 than in 2017; Underlines that this demonstrates that Solvency 2, a robust prudential framework, has not hampered but rather fostered insurers’ investments into the real economy; Considers that the finalisation of the Solvency 2 Review must preserve the prudential soundness of the framework;

Or. en

Amendment 231

Rasmus Andresen

Motion for a resolution

Paragraph 5 d (new)

Motion for a resolution	Amendment
	5d. Recalls that the completion of the Banking Union is a prominent feature of the Savings and Investment Union; Considers the review of the crisis management and deposit insurance (CMDI) framework is only one necessary step into that direction; Recalls that the ECON Committee of the European Parliament has adopted in April 2024 its position on the Commission’s proposal in order to establish a European Deposit Insurance Scheme (EDIS); Reminds that EDIS would provide an equal level of safety to every depositor wherever located in the Banking Union, disentangle the link between banks and sovereigns and significantly contribute to the integration of the banking sector; Remains fully committed to the completion of the Banking Union, including a fully-fledged EDIS;

Or. en

Amendment 232

Isabel Benjumea Benjumea

Motion for a resolution

Subheading 2

Motion for a resolution	Amendment
Mobilising private investment and easing access to finance	Mobilising private investment and incentivising access to finance

Or. en

Amendment 233

Markus Ferber

Motion for a resolution

Subheading 2

Motion for a resolution	Amendment
Mobilising private investment and easing access to finance	Mobilising private investment and easing access to finance by developing a Savings and Investments Union:

Or. en

Amendment 234

Stéphanie Yon-Courtin, Gilles Boyer, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Recognises that one of the main obstacles to building the Savings and Investments Union remains the fragmentation in EU financial markets; believes that creating an attractive and competitive EU capital market will require among others, further integration of national capital markets, further harmonisation in certain policy areas, a more coherent approach to supervisory practices but also better economic opportunities for private investors which offer good returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors as well as companies;

Or. en

Amendment 235

Auke Zijlstra, Enikő Győri

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further deepening of the internal market and the creation of economic opportunities for private investments, and targeted but ambitious deregulation, for instance by repealing the CSRD and CSDDD, which would allow for cutting compliance costs and trigger higher returns; underlines that economic opportunities cannot be created by a legislator, but by entrepreneurship; underlines that a legislator can only create a regulatory environment that is conducive to entrepreneurship; calls on the Commission and the Member States to develop solutions, whether legislative or not, including deregulations, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors, without prejudice to the need for adequate foreign investment screening;

Or. en

Amendment 236

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Notes that European capital markets currently remain highly fragmented, with European investment funds remaining nearly seven times smaller compared to US funds1a; considers that this harms the competitiveness of the EU investment fund sector vis-a-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 efficiency gains which if passed on to retail investors could help to lower costs and deliver better value for money for end-investors;
	_________________
	1a Noyer Report, p. 62 https://www.tresor.economie.gouv.fr/Articles/e3283a8f-69de-46c2-9b8a-4b8836394798/files/6b8593b5-ca31-45a3-b61c-11c95cf0fc4b

Or. en

Amendment 237

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns for citizens and companies; calls on the Commission and the Member States to develop solutions legislatives, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;

Or. en

Amendment 238

Kinga Kollár, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of regulatory environment that fosters competitiveness of EU companies and economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors; reminds in this respect the importance of effective coordination between Member States, among financing instruments and across policies;

Or. en

Amendment 239

Christophe Gomart

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market, the simplification of its regulatory framework and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;

Or. fr

Amendment 240

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; underlines that capital markets integration is a necessary pillar of the Union’s investment strategy, which should be complemented by well-designed fiscal incentives to maximise impact; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;

Or. en

Amendment 241

Arba Kokalari

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market, simplification of its regulatory framework, and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or non-legislative, building on the already well-developed and well-functioning capital markets in certain Member States in order to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;

Or. en

Amendment 242

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide and integrated capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors; recalls that the prospect of higher investment returns is a key incentive for retail investor participation in capital markets;

Or. en

Amendment 243

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; 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 not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;

Or. en

Amendment 244

Sirpa Pietikäinen

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors; urges the Commission to simplify the current trading environment and promote fair competition between multilateral and bilateral trading venues, with the aim of encouraging greater activity on lit markets; also encourages a review of the MiFID II/R framework to improve transparency in bilateral trading and address the increasing shift toward such venues, which may undermine price formation, market resilience, and fairness for issuers and investors;

Or. en

Amendment 245

Rasmus Andresen

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors whilst ensuring consumer protection and safeguarding financial stability ;

Or. en

Amendment 246

Ľudovít Ódor, Anouk Van Brug, Billy Kelleher

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors; stresses out, in this regard, that the CMU would not be possible without completing the Banking Union;

Or. en

Amendment 247

Markus Ferber

Motion for a resolution

Paragraph 6

Motion for a resolution	Amendment
6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for higher returns; calls on the Commission and the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;	6. Believes that the attractiveness of EU capital markets will be increased by further integration of its internal market and the creation of economic opportunities for private investments, which would allow for lower financing costs, a reduction of frictions and ultimately more attractive returns; calls on the Commission and in particular the Member States to develop solutions, whether legislative or not, to foster the creation of an EU-wide capital market that has sufficient size, liquidity, depth and transparency to attract both EU-based and international investors;

Or. en

Amendment 248

Fabio De Masi

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Notes that bank-credit is usually less volatile then short-term capital flows and remains an important source of corporate finance as banks have better understanding of regional markets and business models and capital markets suffer from aggravated herd-behaviour and information asymmetries; while the capital market union can increase productivity in the European financial markets through enhanced allocation and finance larger investments that require scale and scope such as into AI, it cannot be expected to raise significantly the amount of private investment demand and is often too costly for SMEs; for that to happen, governments would have to increase public investment and thereby crowd-in private investment;

Or. en

Amendment 249

Arba Kokalari

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Notes that the Draghi report identifies the underdevelopment of pre-funded public, occupational and private pension systems in EU Member States as a significant limiting factor to capital market development; underlines that pre-funded pension systems, where defined contributions are invested in capital markets rather than distributed via pay-as-you-go systems, are crucial to channel long-term investments into the real economy; supports social partners across EU Member States in developing occupational pension schemes; acknowledges the benefits of higher allocations in equities and investment funds by insurers and occupational pensions funds, where financially sound;

Or. en

Amendment 250

Pascal Canfin, Stéphanie Yon-Courtin, Gilles Boyer

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Calls on the Commission, as part of the solutions to increase investments in Europe, to create a new private investment instrument de-risked by EU budget guarantee to unlock funding for massive decarbonisation and competitiveness in Europe; highlight that this instrument would raise private funds from pensions, insurance and savings through investment grade bonds de-risked by an EU public guarantee and would operates through sub-funds covering early-stage equity, growth equity and project finance guarantee instruments.

Or. en

Amendment 251

Kinga Kollár, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Believes that the CMU will benefit consumers and SMEs by offering high-yield investment opportunities in the real economy and will 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, which was launched in February 2023 to finance promising European tech companies;

Or. en

Amendment 252

Markus Ferber

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. 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 those markets; calls on the Commission to identify best practices and integrate those into the Savings and Investment Union workstream;

Or. en

Amendment 253

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Urges the Commission to re-evaluate the current MiFID II/R regulatory framework to reduce the complexity of the trading landscape, enhance transparency in bilateral trading and ensure a level playing field between multilateral and bilateral venues, ultimately fostering more trading on lit markets to benefit issuers, investors, an efficient price formation and the resilience of EU capital markets;

Or. en

Amendment 254

Irene Tinagli

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Highlights that the European Union’s innovation funding gap cannot be addressed solely through regulatory harmonisation or improvements in financial supervision; points out that capital continues to flow towards markets outside the Union that often have even higher costs, which suggests deeper structural issues within the EU’s investment ecosystem, which needs to be addressed;

Or. en

Amendment 255

Anouk Van Brug, Billy Kelleher, Engin Eroglu, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Considers that private capital will be instrumental in order to close the investment gap identified by Draghi in the most efficient manner; calls on the Commission to put forward ambitious and meaningful proposals to fully integrate European capital markets and eliminate internal barriers to capital flowing freely throughout the EU;

Or. en

Amendment 256

Regina Doherty

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Highlights the importance of improved access to up-to-date pricing and product information for retail investors as well as opportunities for bespoke offerings; calls for measures to make such information more easily accessible; stresses the importance of financial literacy and calls for specific actions to boost financial literacy;

Or. en

Amendment 257

Ralf Seekatz

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Welcomes the intention in the Commissions Communication on the Savings and Investment Union to boost securitisation markets through a legislative proposal to adjust prudential requirements for banks and insurers, given that the capitalisation of EU banks is already sufficient and will go higher with the CRR Output Floor.

Or. en

Amendment 258

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution	Amendment
	6a. Emphasize in this regard that such an integrated capital market has to provide equal possibilities to all Member States, regardless their size and development of their capital markets;

Or. en

Amendment 259

Ralf Seekatz

Motion for a resolution

Paragraph 6 b (new)

Motion for a resolution	Amendment
	6b. Calls for the introduction of an EU-wide index family to enhance the visibility, comparability, and transparency of publicly listed companies within the EU, while strengthening market integrity. This index family should be based on the Consolidated Tape (CT), cover all publicly listed stocks in the EU and allow for sub-indices for individual countries, regions, and sectors to meet the diverse needs of investors, issuers, and their exchanges. The development and management of the indices, as well as their use by market participants, must be cost-efficient to minimize the burden on market participants and maximize positive second-round effects, such as increased stock listings and new financial products.

Or. en

Amendment 260

Irene Tinagli

Motion for a resolution

Paragraph 6 b (new)

Motion for a resolution	Amendment
	6b. Stresses that the core challenge lies not only in the supply of investment capital, but also in the limited capacity of European economy to deploy such capital for high-risk and high-return innovation; this reflects a macroeconomic policy mix not oriented on long-term growth, as well as a single market—particularly in services—that remains fragmented and lacks strategic direction;

Or. en

Amendment 261

Markus Ferber

Motion for a resolution

Paragraph 6 b (new)

Motion for a resolution	Amendment
	6b. Points out that liquidity, depth, transparency and effective price formation are key features of competitive financial markets; notes that the EU’s trading landscape remains fragmented, also with regards to different types of trading venues; calls on the European Commission to strengthen lit multilateral trading venues and ensure a level playing field with bilateral venues;

Or. en

Amendment 262

Kinga Kollár, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 6 b (new)

Motion for a resolution	Amendment
	6b. Urges a clearer focus on financial literacy since EU citizens’ level of understanding of the respective investment products should be improved. Believes that increasing financial awareness and trust is essential to create a successful CMU and to mobilize private investments;

Or. en

Amendment 263

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 6 b (new)

Motion for a resolution	Amendment
	6b. Recalls that the CMU is a mean to achieve the Union’s objectives, rather than an end in itself; asks the Commission to take into consideration the importance of economic opportunities in its proposals aimed at revitalizing the European productive apparatus;

Or. en

Amendment 264

Irene Tinagli

Motion for a resolution

Paragraph 6 c (new)

Motion for a resolution	Amendment
	6c. Calls for a renewed European industrial strategy that combines regulatory harmonisation with active demand-side policies, enabling firms to scale, innovate, and compete globally in emerging technologies, while preserving the Union’s commitment to fair competition and social and environmental sustainability

Or. en

Amendment 265

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	deleted

Or. en

Amendment 266

Auke Zijlstra

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	deleted

Or. en

Amendment 267

Fernand Kartheiser, Kristoffer Storm, Nora Junco García, Diego Solier, Geadis Geadi

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	deleted

Or. en

Amendment 268

Pierre Pimpie

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports efforts to improve the efficiency of financial markets through enhanced cooperation between Member States and stresses that any evolution of supervisory responsibilities over pan-European market infrastructures should fully respect the principle of subsidiarity.

Or. en

Amendment 269

Johan Van Overtveldt

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports the integration of institutional frameworks and market structures;

Or. en

Amendment 270

Markus Ferber

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports the integration of institutional frameworks and market structures, where there is a strong case for European added value; invites the European Commission to explore where ESMA direct supervisory powers could deliver such added value on European level;

Or. en

Amendment 271

Rasmus Andresen

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Recalls that ESMA has already direct supervisory powers over several financial entities, such as Credit Rating Agencies, trade repositories or Tier 2 Central Counterparties located outside the EU; Considers that a more Europeanised supervisory framework would significantly contribute to the integration and deepening of EU capital markets; Is of the opinion that a staggered approach could be followed to achieve this objective; reiterates its demand to first grant the ESMA direct supervisory powers over pan-European market infrastructures; Suggests that ESMA could also become a central data hub, centralising the reporting of entities subject to reporting requirements under MiFiR and EMIR; Invites the Commission to explore the modalities by which in a second stage ESMA could be granted further supervisory responsibilities over additional entities, such as trading venues, investment funds or large asset managers;

Or. en

Amendment 272

Regina Doherty, Martine Kemp, Michalis Hadjipantela

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports greater cooperation between ESMA and national supervisory authorities based on equality, emphasising the importance of a fair and balanced distribution of supervisory powers that respects national specificities and the principle of subsidiarity; highlights the crucial role of national supervisory authorities including the value of their existing institutional knowledge, as well as their existing supervisory capabilities and expertise, making them best equipped to understand local contexts; stresses that enhanced supervisory convergence can best be achieved through increased cooperation on the basis of equality and common objectives, which would facilitate the exchange of best practices, reduce gold-plating, and make optimal use of existing resources; calls for a proposal to advance such increased cooperation between national supervisors and ESMA;

Or. en

Amendment 273

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports the further integration of institutional frameworks and market structures; invites the European supervisory authorities to strengthen convergence among their practices in order to advance capital markets integration; proposes that the European supervisory authorities step up the use of their convergence tools to identify and address divergent practices that hinder market development; calls for facilitating national authorities’ access to technical expertise and operational support through the European authorities, thereby promoting more consistent, effective and proportionate supervision across the Union, without the need to centralise competences;

Or. en

Amendment 274

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports the integration of institutional frameworks and market structures; reiterates its demand to foster the process of supervisory convergence led by ESMA over pan-European market infrastructures in order to improve the efficiency of the supervisory landscape and collaboration with the National Competent Authorities (NCAs); calls on the Member States to take further action to commit to granting greater direct supervisory powers to ESMA over crypto-asset service providers, market infrastructure, and cross-border financial entities;

Or. en

Amendment 275

Dirk Gotink

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over significant pan-European market infrastructures and entities, while leaving smaller and nationally focused entities under national supervision, ensuring harmonisation between national frameworks where possible;

Or. en

Amendment 276

Pascal Canfin, Stéphanie Yon-Courtin, Gilles Boyer, Anouk Van Brug

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures to enhance the competitiveness of European listing markets;

Or. en

Amendment 277

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures, including large stock exchanges, central counterparties, and securities depositories, cross-border asset management groups, crypto asset services providers and for all new products and services; 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, inspired by the model of the European Central Bank (ECB), and to establish strong cooperation with national supervisory authorities, based on the model of the Single Supervisory Mechanism;

Or. en

Amendment 278

Christophe Gomart

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures; calls for competitiveness to be made an integral part of the EU legislative process (including at ESMA level);

Or. fr

Amendment 279

Anouk Van Brug, Engin Eroglu, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 7

Motion for a resolution	Amendment
7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures;	7. Supports the integration of institutional frameworks and market structures; reiterates its demand to grant the ESMA direct supervisory powers over pan-European market infrastructures; considers that harmonized and centralised supervision on European capital markets would subject market participants to a single rulebook, fostering a true single market for European capital;

Or. en

Amendment 280

Rasmus Andresen

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution	Amendment
	7a. Is convinced that a profound reform of ESMA governance is warranted before extending its supervisory responsibilities; considers that ESMA revised governance could be based on the governance arrangements of the Single Supervisory Mechanism (SSM) or of the recently created Anti-Money Laundering Authority (AMLA); highlights that any supervisory decision should be taken by an Executive body composed of fully-independent members, to avoid any national bias; believes that a local anchor is essential for the effectiveness of the supervision and preserving national authorities’ expertise; considers the establishment of Joint Supervisory Teams (JST), on the model of the existing SSM ones or the upcoming AMLA ones, composed of EU authorities and national competent authorities staff as a good model;

Or. en

Amendment 281

Eero Heinäluoma

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution	Amendment
	7a. Given increased risks of the crypto sector, calls upon the EC to review the MICA regulation swiftly and grant ESMA direct supervisory powers over crypto asset services providers above a certain size;

Or. en

Amendment 282

Markus Ferber

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution	Amendment
	7a. Points out that one reason for fragmentation in supervisory outcomes is the practice of national supervisory authorities to layer additional national obligations on top of European rules often referred to as ‘gold-plating’; Calls on the Commission and the European Supervisory Authorities to address such instances of overreach by national authorities in order to arrive at more consistent supervisory outcomes across the Union;

Or. en

Amendment 283

Gilles Boyer, Stéphanie Yon-Courtin, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution	Amendment
	7a. Underlines the important role that securitisation can play in facilitating the financing of investments, building alternative sources of funding for European companies to facilitate their growth, increasing European competitiveness and creating deep and dynamic European capital markets;

Or. en

Amendment 284

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution	Amendment
	7a. Convinced that instead of centralizing institutional, especially supervisory frameworks and powers, the EU capital market has to build synergies between the national institutional frameworks and dismantle obstacles that are currently hindering the cross-border flow of investments;

Or. en

Amendment 285

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution	Amendment
	7a. Considers that the European Supervisory Authorities (ESAs) should be adequately funded in order to be able to carry out their duties, including by being able to levy fees from financial institutions and financial market participants from supervised firms;

Or. en

Amendment 286

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 7 b (new)

Motion for a resolution	Amendment
	7b. Stresses the importance of a strong role for the ECB in overseeing systemically important market infrastructures, in line with its responsibilities under the 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.

Or. en

Amendment 287

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

Motion for a resolution

Paragraph 7 b (new)

Motion for a resolution	Amendment
	7b. Believes that a strong, more attractive and better functioning European capital market has to make full use of the diversity of national capital markets. Highlight in this regard that one size fits all solutions have already proved to be ineffective;

Or. en

Amendment 288

Gilles Boyer, Stéphanie Yon-Courtin, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Paragraph 7 b (new)

Motion for a resolution	Amendment
	7b. Recalls that European securitised products have performed at least to an equivalent level as other fixed income asset classes over the last 40 years1a and provide a range of risk options;
	_________________
	1a https://www.afme.eu/Portals/0/DispatchFeaturedImages/EU%20Securitisation%20back%20on%20track%205%20point%20plan.pdf

Or. en

Amendment 289

Rasmus Andresen

Motion for a resolution

Paragraph 7 b (new)

Motion for a resolution	Amendment
	7b. Invites the Commission to explore whether and under which modalities a more integrated supervisory architecture should also be achieved in other sectors, such as insurance and pension funds;

Or. en

Amendment 290

Markus Ferber

Motion for a resolution

Paragraph 7 b (new)

Motion for a resolution	Amendment
	7b. Points out that any increase of the powers of the European Supervisory Authorities should go hand in hand with a commensurate increase in the level of accountability of the ESAs;

Or. en

Amendment 291

Rasmus Andresen

Motion for a resolution

Paragraph 7 c (new)

Motion for a resolution	Amendment
	7c. Takes note of the conclusion from Draghi, Letta and Noyer reports that the EU market infrastructures landscape remain fragmented, in particular in comparison to the US one; Recalls that market consolidation is a market-driven process; Cautions against the risk of creating ‘too-big-to-fail entities’; highlights that moving towards a single supervisor for EU market infrastructures would likely facilitate the market consolidation; stresses that the lack of harmonisation of national laws is the main impediment to the consolidation of the market infrastructures sector;

Or. en

Amendment 292

Markus Ferber

Motion for a resolution

Paragraph 7 c (new)

Motion for a resolution	Amendment
	7c. Stresses that administrative burden and compliance costs that occur in a cross-border context, could already be addressed by better coordination and cooperation of national supervisory authorities, e.g. in the area of data sharing; calls on the European Commission and the European Supervisory Authorities 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;

Or. en

Amendment 293

Gilles Boyer, Stéphanie Yon-Courtin, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Paragraph 7 c (new)

Motion for a resolution	Amendment
	7c. Emphasises that the development of the European securitisation market could contribute to the urgent need for the Union’s economy to evolve from relying primarily on banks’ balance sheets for financing towards an economy which fully harnesses the potential of capital markets;

Or. en

Amendment 294

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

Motion for a resolution

Paragraph 7 c (new)

Motion for a resolution	Amendment
	7c. Is of the opinion, that future capital market reforms has to be based on the bottom-up approach and take into consideration the best practices and specificities of Member States.

Or. en

Amendment 295

Gilles Boyer, Stéphanie Yon-Courtin, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Paragraph 7 d (new)

Motion for a resolution	Amendment
	7d. Recalls the bridge that securitisation plays between lending and capital markets, through providing investors with access to a diverse range of exposure types, returns and sectors; considers that securitisation offers a versatile tool which allows a diversification of financing sources and therefore exposure risk and actively reinforces resilience within the EU through a diversification of private risk-sharing between banks, insurers, and other investors;

Or. en

Amendment 296

Gilles Boyer, Stéphanie Yon-Courtin, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Paragraph 7 e (new)

Motion for a resolution	Amendment
	7e. Calls on the Commission to publish an ambitious and holistic revision of the securitisation framework in Q2 2025, inspired by recent European Council conclusions, Eurogroup, ECB, EIOPA statements, as well as the recent ESAs Joint Committee report, notably focusing on reviewing specific prudential requirements, due diligence rules, reporting requirements concerning certain asset types, the consistency of Simple Transparent and Standardised criteria, as well as the supervisory process, in order to ensure that securitisation can play a crucial role in financing future European growth;

Or. en

Amendment 297

Gilles Boyer, Stéphanie Yon-Courtin, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Paragraph 7 f (new)

Motion for a resolution	Amendment
	7f. Recalls that securitisation can be revived without compromising on financial stability by keeping unchanged the fundamental safeguards put in place after 2008: ban re-securitisation, ban on securitisation without risk retention, strict oversight of credit rating agencies;

Or. en

Amendment 298

Gilles Boyer, Stéphanie Yon-Courtin, Pascal Canfin, Billy Kelleher, Anouk Van Brug

Motion for a resolution

Paragraph 7 g (new)

Motion for a resolution	Amendment
	7g. Calls on the Commission to assess the opportunity of creating a common European securitisation platform, to standardise products and attract more investors into the market, including smaller banks which currently do not have access to this method of financing;

Or. en

Amendment 299

Ralf Seekatz

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	deleted

Or. en

Amendment 300

Arba Kokalari

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	deleted

Or. en

Amendment 301

Johan Van Overtveldt

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	deleted

Or. en

Amendment 302

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Urges the Commission to implement EMIR 3.0 in a smooth and proportionate manner, leveraging existing tools and appropriate incentives to effectively promote the competitiveness and attractiveness of EU-based clearing activities; highlights that EU clearing venues should be attractive for both euro-denominated and non-euro-denominated derivatives, ensuring the Union’s global relevance in central clearing; underlines that, in line with the objective of regulatory simplification, the focus should remain on the effective application of the existing framework rather than introducing new legislative initiatives; stresses, moreover, that boosting the service offering, product range, collateral acceptance, and cost competitiveness of EU CCPs is crucial to achieving meaningful relocation of clearing activities to the Union; insists that such relocation should not be pursued through mandatory obligations or by coercing market participants to clear in the EU, but rather by making the EU clearing ecosystem more attractive, efficient, and opportunity-rich than competing jurisdictions, so that firms choose it as their preferred venue; calls on ESMA and the Commission, when implementing EMIR 3.0, to enhance a market-driven process based on demand and competitiveness, ensuring that EU clearing becomes the natural venue of choice for global market participants;

Or. en

Amendment 303

Auke Zijlstra

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Takes note of the third consecutive decisions of the Commission to extend equivalence to central counterparties in the United Kingdom; takes note that 9 years after the British decision to trigger article 50, and 5 years after Brexit, clearing services of euro denominated contracts have not yet relocated to the EU; underlines that this implies that suppliers of clearing activities do not feel welcome in the EU; underlines that the EMIR regulation doesn’t specify that clearing services of euro denominated contracts have to be on-shored to the euro area;

Or. en

Amendment 304

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Urges the Commission to monitor the repatriation of clearing activities to the EU and, where necessary, to introduce measures to facilitate this process; notes that the post-trade environment in the EU remains fragmented; calls for market-driven consolidation and the removal of legal and regulatory barriers to a more integrated and efficient post-trade landscape;

Or. en

Amendment 305

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Invites the Commission to develop proposals to effectively share best practices in clearing and settlement activities among the EU clearing houses, ensuring full cooperation; stresses the importance of competition between clearing and settlement houses while respecting national competences and safeguarding free competition within a common framework;

Or. en

Amendment 306

Regina Doherty

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Urges the Commission to continue to take a reasonable approach to clearing activities, to ensure EU market participants continue to have access to efficient and safe central clearing, as well as client clearing, services and to continue supporting stability and certainty for EU market participants;

Or. en

Amendment 307

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Urges the Commission that instead of forcing the repatriation of clearing activities to the EU on a normative basis, it should rather create a competitive and efficient environment which attracts the clearing activities;

Or. en

Amendment 308

Stéphanie Yon-Courtin, Gilles Boyer, Pascal Canfin, Anouk Van Brug

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Calls the Commission to implement the revised EMIR framework as to facilitate repatriating clearing activities to the EU;

Or. en

Amendment 309

Lídia Pereira, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Urges the Commission to assess the impact of the regulation on clearing activities to the EU;

Or. en

Amendment 310

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU; regrets the current situation where the bulk of the EU clearing business is conducted outside of the EU; deplores the decision to extend the equivalence for UK central counterparties (CCPs) for a period of three years until 30 June 2028 and considers such extension should remain the last one;

Or. en

Amendment 311

Markus Ferber

Motion for a resolution

Paragraph 8

Motion for a resolution	Amendment
8. Urges the Commission to develop proposals to properly repatriate clearing activities to the EU;	8. Urges the Commission to develop proposals to properly repatriate clearing activities to 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 to come forward with further legislative proposals to strengthen the EU’s clearing ecosystem;

Or. en

Amendment 312

Markus Ferber

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution	Amendment
	8a. 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 any initiatives towards market consolidation should be market-driven; notes that in the past, overly strict anti-trust decisions have sometimes stood in the way of further market integration;

Or. en

Amendment 313

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution	Amendment
	8a. Notes with concern the fragmentation of market structures, leading to liquidity for individual shares being dispersed across multiple trading venues; acknowledges the potential negative impact of split liquidity on price formation, execution quality, and overall market depth; calls on the Commission to prioritise an assessment of liquidity fragmentation as part of its work on the Capital Markets Union and to consider targeted measures to foster greater liquidity concentration across EU markets;

Or. en

Amendment 314

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

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 further streamlining of administrative procedures can significantly improve the EU’s attractiveness as an investment destination; considers that aligning Member States’ legislative frameworks should be part of the simplification agenda to ease cross-border activities; underlines the need to reduce the regulatory burden associated with the EU Sustainable Finance Framework, as highlighted in the Draghi report, particularly through enhanced clarity, consistency, and guidance; in this regard, welcomes the Commission’s Sustainability Omnibus Package as a step towards reducing complexity and improving the usability of key legislative instruments, notably through the proposed shift to voluntary reporting in certain areas;

Or. en

Amendment 315

Marco Falcone, Fulvio Martusciello

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; considers that the aligning of Member States’ legislative frameworks should be part of the simplification agenda to ease cross-border activities; calls on the European Commission to give preference, where appropriate, to the use of regulations as legal instruments with which to further harmonise the single market and prevent regulatory fragmentation among Member States, while ensuring adequate flexibility where necessary to take account of national specificities and comply with the principle of subsidiarity.

Or. it

Amendment 316

Engin Eroglu

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; considers that the aligning of Member States’ legislative frameworks should be part of the simplification agenda to ease cross-border activities;

Or. de

Amendment 317

Christophe Gomart

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, and, more generally, the regulatory framework, in particular for investors and financial undertakings, can improve the EU’s attractiveness as an investment destination for EU and foreign investors; considers that the aligning of Member States’ legislative frameworks and more harmonised supervision of activities on national markets 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; calls on the Commission, with the exception of its simplification programme, to give priority to regulatory stability.

Or. fr

Amendment 318

Isabel Benjumea Benjumea

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 improves the EU’s attractiveness as an investment destination; calls on the Commission for administrative simplifications at scale to attract private investment and foster European competitiveness, facilitating the creation and expansion of businesses; considers that the aligning of Member States’ legislative frameworks should be part of the simplification agenda to ease cross-border activities, especially in strategic sectors such as the financial services sector, where the lack of harmonization hinders access to financing and investment; calls on the Commission to rely more on regulations rather than directives in the financial services sector, reducing the likelihood of applying ‘gold-plating’

Or. en

Amendment 319

Stéphanie Yon-Courtin, Gilles Boyer, Pascal Canfin, Billy Kelleher

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. Believes that streamlining administrative procedures for companies and citizens can improve the EU’s attractiveness as an investment destination; believes that simplifying the legislative framework shall be understood as maintaining Europe’s ambition, while facilitating implementation for companies and the understanding of the rules for its citizens, which ultimately will strengthen the EU’s competitiveness and strategic autonomy; considers that the alignment 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;

Or. en

Amendment 320

Fernand Kartheiser, Geadis Geadi, Kristoffer Storm, Nora Junco García, Diego Solier

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; considers that the coordination of Member States’ legislative frameworks should be part of the simplification agenda to ease cross-border activities;

Or. en

Amendment 321

Giovanni Crosetto, Denis Nesci, Francesco Ventola

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; considers that greater alignment of Member States’ legislative frameworks should be pursued as part of the simplification agenda to ease cross-border activities; calls on the Commission to assess, where appropriate, the use of regulations instead of directives, with a view to reducing regulatory fragmentation while respecting the principles of subsidiarity and proportionality;

Or. en

Amendment 322

Arba Kokalari

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 targeted 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; invites the Commission to consider favouring regulations over directives, where duly motivated, with a view to reducing undue national divergences and ensuring greater harmonisation across the single market;

Or. en

Amendment 323

Lídia Pereira, Isabel Benjumea Benjumea

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; 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 apply the principle of ‘Less Regulation, Better Regulation’, guaranteeing harmonization where impact assessments indicate a clear added-value and tackling fragmentation;

Or. en

Amendment 324

Auke Zijlstra

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 and deregulating administrative procedures can improve the EU’s attractiveness as an investment destination and the ease of cross-border activities; calls on the Commission to rely more on deregulations rather than regulations, thus limiting EU regulatory overreach that could deter investment in the EU;

Or. en

Amendment 325

Enikő Győri, Pierre Pimpie, Jorge Martín Frías

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. Highlights that a significant reduction of administrative burden is essential to improve the EU’s attractiveness as an investment destination; considers that building up synergies between the Member States’ legislative frameworks could be part of the simplification agenda - while respecting their competences - to ease cross-border activities;

Or. en

Amendment 326

Pierre Pimpie

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; considers that Member States should work towards the simplification of their legislative frameworks in order to ease cross-border activities; calls on the Commission to rely more on directives rather than regulations, thus encouraging Member States to reduce fragmentation;

Or. en

Amendment 327

Dirk Gotink

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 and simplifying regulation 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; calls on the Commission to adhere to a ‘one in, two out’ principle to reduce regulatory burden and to perform a competitiveness check on every new policy initiative;

Or. en

Amendment 328

Michalis Hadjipantela

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 reduced unnecessary complexity and burdens for implementing partners and beneficiaries, specifically SMEs; 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;

Or. en

Amendment 329

Kinga Kollár, Isabel Benjumea Benjumea

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 and speeding up administrative procedures and reducing administrative burden 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;

Or. en

Amendment 330

Rasmus Andresen

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; considers that the aligning of Member States’ legislative frameworks while preserving national minimum social standards 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;

Or. en

Amendment 331

Danuše Nerudová

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 reduced bureaucracy for beneficiaries and for the simplification of EU 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;

Or. en

Amendment 332

Ľudovít Ódor, Anouk Van Brug, Billy Kelleher

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; 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; calls, in this regard, on the Commission to explore thoroughly the potential of 28th regime which may subdue all the existing restraints;

Or. en

Amendment 333

Markus Ferber

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; 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; calls on the Commission to tackle instances of ‘gold-plating’ by Member States;

Or. en

Amendment 334

Eero Heinäluoma

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution	Amendment
	9a. Calls on the Commission to ensure the systematic involvement of the European Supervisory Authorities (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. Calls on the Commission to ensure the necessary funding for the execution of these mandates by the ESAs;

Or. en

Amendment 335

Aurore Lalucq

on behalf of the S&D Group

Jonás Fernández, René Repasi, Eero Heinäluoma, Evelyn Regner, Niels Fuglsang, Claire Fita, Carla Tavares, Thomas Bajada, Francisco Assis, Lara Wolters

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution	Amendment
	9a. Considers the first step of 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;

Or. en

Amendment 336

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution	Amendment
	9a. Calls for a reduction in administrative and compliance burdens for companies, with particular attention to listed companies, in order to improve their competitiveness and attractiveness; underlines that excessive reporting obligations and procedural complexity can deter listings and hinder access to capital markets;

Or. en

Amendment 337

Sirpa Pietikäinen

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution	Amendment
	9a. Calls on the Commission to secure a level playing field incentivising investment possibilities via creating long-term and ambitious sustainability and other regulation to secure a long-term perspective for industries and investors;

Or. en

Amendment 338

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Paragraph 9 b (new)

Motion for a resolution	Amendment
	9b. Calls for the implementing measures under the Listing Act to be fully aligned with its overarching objective of reducing regulatory complexity and compliance costs, particularly for issuers; underlines that Level 2 provisions should contribute to a more accessible and cost-effective listing environment across the Union;

Or. en

Amendment 339

Giovanni Crosetto, Denis Nesci, Francesco Ventola

Motion for a resolution

Paragraph 9 c (new)

Motion for a resolution	Amendment
	9c. 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;

Or. en