Sittings · Document

Draft report (2025/2214(INI)) 2025-12-17

European Semester for economic policy coordination 2026

Committee on Economic and Monetary Affairs

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Amendment 1

Stefan Berger

Motion for a resolution

Citation 4

Motion for a resolution

Amendment

– having regard to the Paris Agreement of the Conference of the Parties to the United Nations Framework Convention on Climate Change of 12 December 2015 and the UN Sustainable Development Goals,

deleted

Or. en

Amendment 2

Markus Ferber

Motion for a resolution

Citation 4

Motion for a resolution

Amendment

– having regard to the Paris Agreement of the Conference of the Parties to the United Nations Framework Convention on Climate Change of 12 December 2015 and the UN Sustainable Development Goals,

deleted

Or. en

Amendment 3

Stefan Berger

Motion for a resolution

Citation 5

Motion for a resolution

Amendment

– having regard to Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’)1 ,

deleted

_________________

1 OJ L, 2021/1119, 9.7.2021, ELI: http://data.europa.eu/eli/reg/2021/1119/oj.

Or. en

Amendment 4

Markus Ferber

Motion for a resolution

Citation 5

Motion for a resolution

Amendment

deleted

_________________

1 OJ L, 2021/1119, 9.7.2021, ELI: http://data.europa.eu/eli/reg/2021/1119/oj.

Or. en

Amendment 5

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 17 a (new)

Motion for a resolution

Amendment

– having regard to the Commission’s 2026 Autumn European Semester package of 25 November 2025;

Or. en

Amendment 6

Markus Ferber

Motion for a resolution

Citation 17 a (new)

Motion for a resolution

Amendment

– having regard to the 2026 European Semester Autumn Package adopted by the European Commission on 25 November 2025;

Or. en

Amendment 7

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Citation – a (new)

Motion for a resolution

Amendment

– having regard to the European Fiscal Board’s 2025 annual report published on 22 October 2025,

Or. en

Amendment 8

Markus Ferber

Motion for a resolution

Citation 17 b (new)

Motion for a resolution

Amendment

– having regard to the European Fiscal Board's 2025 annual report published on 22 October 2025;

Or. en

Amendment 9

Sirpa Pietikäinen

Motion for a resolution

Citation 19 a (new)

Motion for a resolution

Amendment

– having regard to European Commission Joint Research Centre's report "Measuring sustainable and inclusive wellbeing: a multidimensional dashboard approach" published on 28 January 2025,

Or. en

Amendment 10

Sirpa Pietikäinen

Motion for a resolution

Citation 24 a (new)

Motion for a resolution

Amendment

– having regard to the interim report of the United Nations Secretary-General’s High-Level Expert Group on Beyond GDP published in November 2025, established in the context of the Pact for the Future of 23 September 2024, on the modernisation of statistical frameworks and the development of more comprehensive indicators for assessing economic performance,

Or. en

Amendment 11

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Citation 24 a (new)

Motion for a resolution

Amendment

– having regard to the report ‘Much more than a Market’ by Enrico Letta published in April 2024,

Or. en

Amendment 12

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Citation 24 b (new)

Motion for a resolution

Amendment

24 b having regard to the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017,

Or. en

Amendment 13

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Citation 24 c (new)

Motion for a resolution

Amendment

24 c having regard to the La Hulpe Declaration on the future of the European Pillar of Social Rights of 16 April 2024,

Or. en

Amendment 14

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Citation 24 d (new)

Motion for a resolution

Amendment

24 d having regard to the Porto Social Commitment of 7 May 2021 of the Council, the Commission, Parliament and social partners,

Or. en

Amendment 15

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital A

Motion for a resolution

Amendment

A. whereas the European Semester plays an essential role in coordinating and aligning economic and budgetary policies in the Member States;

A. whereas the European Semester plays an essential role in coordinating economic and social policies in the Member States, and in adapting economic and budgetary policies in the Member States to the objectives and rules agreed at EU level;

Or. es

Amendment 16

Markus Ferber

Motion for a resolution

Recital A

Motion for a resolution

Amendment

A. whereas the European Semester plays an essential role in coordinating and aligning economic and budgetary policies in the Member States;

A. whereas the European Semester plays an essential role in coordinating economic and budgetary policies in the Member States, thereby safeguarding the macroeconomic stability of the Economic and Monetary Union; whereas the European Semester must not be overburdened with competing objectives, but should keep a narrow focus on competitiveness and sound fiscal policies;

Or. en

Amendment 17

Stefan Berger

Motion for a resolution

Recital A

Motion for a resolution

Amendment

A. whereas the European Semester plays an essential role in coordinating and aligning economic and budgetary policies in the Member States;

A. whereas the European Semester plays an essential role in coordinating economic and budgetary policies in the Member States;

Or. en

Amendment 18

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital A

Motion for a resolution

Amendment

A. whereas the European Semester plays an essential role in coordinating and aligning economic and budgetary policies in the Member States;

A. whereas the European Semester plays an essential role in coordinating and aligning economic and budgetary policies in the Member States, in view of achieving a socially just transition towards a sustainable economy;

Or. en

Amendment 19

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital A a (new)

Motion for a resolution

Amendment

Aa. whereas the European Semester aims to ensure economic growth, job creation, macroeconomic stability and sound public finances throughout the entire European Union;

Or. es

Amendment 20

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas the European Semester recommendations in 2026 will play an essential role in the design of the national and regional partnership plans to be prepared by Member States in 2027;

B. whereas according to the European Commission’s proposal, the European Semester recommendations in 2026 would play an essential role in the design of the national and regional partnership plans to be prepared by Member States in 2027;

Or. en

Amendment 21

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas the European Semester recommendations in 2026 will play an essential role in the design of the national and regional partnership plans to be prepared by Member States in 2027;

B. whereas the European Semester recommendations in 2026 could play an essential role in the design of the national and regional partnership plans to be prepared by Member States in 2027; whereas it is therefore important that they reflect national economic priorities and goals;

Or. en

Amendment 22

Stefan Berger

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas the European Semester recommendations in 2026 will play an essential role in the design of the national and regional partnership plans to be prepared by Member States in 2027;

B. whereas the European Semester recommendations in 2026 will play an essential role in the design of the national and regional partnership plans to be prepared by Member States;

Or. en

Amendment 23

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas the European Semester recommendations in 2026 will play an essential role in the design of the national and regional partnership plans to be prepared by Member States in 2027;

B. whereas the European Semester recommendations in 2026 will play an essential role in the design of the national and regional partnership plans to be prepared by Member States in 2027; whereas the European Semester recommendations also guided the national plans that Member States were required to submit for the NextGenerationEU Recovery and Resilience Facility, yet many of their pledged reforms have not been completed, have not had their intended impact or are very difficult to evaluate properly;

Or. es

Amendment 24

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Recital B a (new)

Motion for a resolution

Amendment

B a. Whereas country-specific recommendations in the framework of the European Semester tend to incentivise cuts in social services and social protection instead of promoting the increase of public revenues; whereas from the introduction of the European Semester in 2011 to 2018, the Commission recommended 63 times that governments cut spending on healthcare or privatise health services1a; whereas from 2016 to 2022, the Commission recommended 122 times reforms to pension systems, including 30 calls to increase the retirement age1b;

_________________

1a https://www.dielinke-europa.eu/wp-content/uploads/kontext-import/documents/9/3/d70fc8.pdf

1b https://www.econstor.eu/bitstream/10419/299865/1/1844117693.pdf

Or. en

Amendment 25

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital B a (new)

Motion for a resolution

Amendment

Ba. whereas the economic outlook remains uncertain, owing to the Russian invasion of Ukraine and the uncertainty stemming from protectionist policies, tariffs and trade tensions, which are having a negative impact on the economy;

Or. es

Amendment 26

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital C

Motion for a resolution

Amendment

C. whereas according to the Commission’s 2025 autumn forecast, GDP growth in the EU is expected to be close to potential growth, with full employment and inflation close to the target level;

C. whereas according to the Commission’s 2025 autumn forecast, GDP growth in the EU is expected to be close to potential growth, with full employment on aggregate, with major variations among countries, and inflation close to the target level; whereas that stability exists alongside considerable risks, which makes it even more essential to maintain fiscal responsibility, structural reforms and competitiveness;

Or. es

Amendment 27

Dirk Gotink

Motion for a resolution

Recital C

Motion for a resolution

Amendment

C. whereas according to the Commission’s 2025 autumn forecast, GDP growth in the EU is expected to be close to potential growth, with full employment and inflation close to the target level;

Or. en

Amendment 28

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Recital C

Motion for a resolution

Amendment

C. whereas according to the Commission’s 2025 autumn forecast, GDP growth in the EU is expected to be close to potential growth, with full employment and inflation close to the target level;

C. whereas according to the Commission’s 2025 autumn forecast, GDP growth in the EU is expected to be close to potential growth, with full employment and inflation close to the target level; whereas for the EU as a whole, the Commission forecasts growth of 1.4%–1.5% between 2025 and 2027, while in the eurozone the dynamics are expected to be lower (1.2%–1.4%); whereas potential growth in the EU is expected to decline from approximately 1.5% in 2024 to 1.3% in 2027 (in the eurozone from 1.4% to 1.2%), mainly due to unfavourable demographic trends;

Or. en

Amendment 29

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Recital C a (new)

Motion for a resolution

Amendment

C a. whereas the Council conclusions on the 2025 in-depth reviews under the macroeconomic imbalance procedure highlight the large government deficits in some Member States;

Or. en

Amendment 30

Thomas Bajada

Motion for a resolution

Recital C a (new)

Motion for a resolution

Amendment

C a. whereas the consumption of food is a necessity and accounts for a large share of the Harmonised Index of Consumer Prices (HICP) consumption basket;

Or. en

Amendment 31

Markus Ferber

Motion for a resolution

Recital C a (new)

Motion for a resolution

Amendment

C a. whereas the economic outlook remains surrounded by high uncertainty and risks;

Or. en

Amendment 32

Dirk Gotink

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. whereas the EU has daunting investment needs, as described in the Draghi report, to boost Europe’s competitiveness and for further defence spending under the ReArm Europe Plan/Readiness 2030;

Or. en

Amendment 33

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. whereas the EU has daunting investment needs, including additional annual investments of EUR 800 billion which the Draghi report deems necessary to boost Europe’s competitiveness, including EUR 450 billion for the energy transition alone of which EUR 260 billion should come from the public sector according to Institut Rousseau; whereas a further EUR 800 billion of additional investment is envisaged for defence spending under the ReArm Europe Plan/Readiness 2030;

Or. en

Amendment 34

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. whereas the EU has daunting investment needs, including for an additional annual investment of EUR 800 billion that the Draghi report deems necessary to boost Europe’s competitiveness and an additional EUR 800 billion sought for further defence spending under the ReArm Europe Plan/Readiness 2030; whereas these investment targets lack corresponding new own resources, leaving the Union without the fiscal capacity needed to meet its stated objectives;

Or. en

Amendment 35

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. whereas the EU has daunting investment needs, including for an additional annual investment of EUR 800 billion that the Draghi report deems necessary to boost Europe’s competitiveness and an additional EUR 800 billion sought for further defence spending under the ReArm Europe Plan/Readiness 2030; whereas investment effort cannot rely exclusively on public spending, but instead requires mechanisms that can mobilise and attract private investment;

Or. es

Amendment 36

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. whereas the EU has daunting investment needs, including for an additional annual investment of EUR 800 billion that the Draghi report deems necessary to boost Europe’s competitiveness and an additional EUR 800 billion sought for further defence spending under the ReArm Europe Plan/Readiness 2030; whereas these needs cannot be met by public financing, which should only act as a driver for private investment in specific sectors;

Or. en

Amendment 37

Stefan Berger

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. whereas the EU has daunting investment needs, including for an additional annual investment of EUR 800 billion that the Draghi report deems necessary to boost Europe’s competitiveness and productivity, and an additional EUR 800 billion sought for further defence spending under the ReArm Europe Plan/Readiness 2030;

Or. en

Amendment 38

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Recital E

Motion for a resolution

Amendment

E. whereas the EU is facing major challenges, ranging from threats arising at its eastern borders to geopolitical instability and trade uncertainty, while long-term challenges such as the green and digital transitions remain;

E. whereas the EU is facing major challenges, ranging from threats arising at its eastern borders to geopolitical instability and trade uncertainty; whereas this situation forces the EU to review its priorities, such as the green transitions;

Or. en

Amendment 39

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Recital E

Motion for a resolution

Amendment

Or. en

Amendment 40

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital E

Motion for a resolution

Amendment

E. whereas the EU is facing major challenges, ranging from threats arising at its southern and eastern borders to geopolitical instability and trade uncertainty, while long-term challenges such as the ongoing transitions remain; whereas those challenges come at a time of growing pressure on public finances and an unfavourable demographic context, and require increased European competitiveness, more robust EU open strategic autonomy, and beefed-up security and defence capabilities;

Or. es

Amendment 41

Stefan Berger

Motion for a resolution

Recital E

Motion for a resolution

Amendment

E. whereas the EU is facing major challenges, ranging from threats persisting at its eastern borders linked to Russia´s war of aggression against Ukraine to geopolitical instability and trade uncertainty, while longstanding challenges such as the green and digital transitions remain;

Or. en

Amendment 42

Dirk Gotink

Motion for a resolution

Recital E

Motion for a resolution

Amendment

E. whereas the EU is facing major challenges, ranging from threats arising at its eastern borders to geopolitical instability and trade uncertainty, a housing crisis, high levels of public debt and lacking growth, while long-term challenges such as the green and digital transitions remain;

Or. en

Amendment 43

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital F

Motion for a resolution

Amendment

F. whereas the TFEU establishes reference values of up to 3 % for government deficit and 60 % for the debt-to-GDP ratio;

F. whereas the TFEU establishes reference values of up to 3 % for the government deficit-to-GDP ratio and 60 % for the debt-to-GDP ratio; whereas the EU’s headline deficit and public debt-to-GDP ratio remain above the reference values for the entire forecast horizon;

Or. es

Amendment 44

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Recital F

Motion for a resolution

Amendment

F. whereas the TFEU establishes reference values of up to 3 % for government deficit and 60 % for the debt-to-GDP ratio;

F. whereas the TFEU establishes reference values of up to 3 % for government deficit and 60 % for the debt-to-GDP ratio; whereas the EU’s headline deficit and government debt-to-GDP ratio remain above the reference values; whereas both the headline deficit and government debt-to-GDP ratio vary across the EU, with significantly divergent situations in different Member States;

Or. en

Amendment 45

Dirk Gotink

Motion for a resolution

Recital F

Motion for a resolution

Amendment

F. whereas the TFEU establishes reference values of up to 3 % for government deficit and 60 % for the debt-to-GDP ratio;

F. whereas the TFEU establishes reference values of up to 3 % for government deficit and 60 % for the debt-to-GDP ratio; whereas the EU’s deficit and government debt-to-GDP ratios remain above the reference values;

Or. en

Amendment 46

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Recital F a (new)

Motion for a resolution

Amendment

F a. whereas those reference values are arbitrary numbers invented in the early 1980s without sound economic rationale; whereas the prevailing economic conditions, social and ecological imperatives back then were significantly different from those prevailing today;

Or. en

Amendment 47

Markus Ferber

Motion for a resolution

Recital F a (new)

Motion for a resolution

Amendment

F a. whereas maintaining fiscal stability is key to underpin sustainable growth and resilience;

Or. en

Amendment 48

Dirk Gotink

Motion for a resolution

Recital F a (new)

Motion for a resolution

Amendment

F a. whereas nine Member States are currently under excessive deficit procedures;

Or. en

Amendment 49

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital G

Motion for a resolution

Amendment

G. whereas the Council has not launched any procedures concerning excessive macroeconomic imbalances since the establishment of this procedure in 2011;

G. whereas the Council has not launched any procedures concerning excessive macroeconomic imbalances since the establishment of this procedure in 2011, despite repeated Commission assessments identifying such situations in a number of Member States;

Or. es

Amendment 50

Ivars Ijabs

Motion for a resolution

Recital H

Motion for a resolution

Amendment

deleted

Or. en

Amendment 51

Stefan Berger

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas the European Commission's recommendation for the economic policy of the euro area for 2026 calls on euro area Member States to act individually and collectively within the Eurogroup to boost productivity and strenghten economic security, while maintaining the sustainability of public finances;

Or. en

Amendment 52

Markus Ferber

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas this Commission is committed to being an ‘investment Commission’;

Or. en

Amendment 53

Dirk Gotink

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas this Commission is committed to being an ‘investment Commission’;

Or. en

Amendment 54

Lídia Pereira

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas this Commission is committed to being an ‘investment Commission’ and relies on the Parliament´s support, as co-legislator, to take significant action to boost EU investment to a level commensurate with the needs of the green and digital transitions;

Or. en

Amendment 55

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas this Commission is committed to being an ‘investment Commission’ but has not yet taken significant action in order to cope with the growing economic gap between the EU and the strongest players, especially the US;

Or. en

Amendment 56

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Recital H

Motion for a resolution

Amendment

Or. en

Amendment 57

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas this Commission is committed to being an ambitious 'investment Commission', seeking to mobilise private investments and private capital to make EU businesses and productive sectors more competitive; whereas it has not yet taken significant action to boost EU investment to a level commensurate with the needs of the ongoing transitions;

Or. es

Amendment 58

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas this Commission is committed to being an ‘investment Commission’ but has not yet taken significant action to boost EU investment to a level commensurate with the needs of the green and digital transitions; whereas the Commission has yet to put forward an adequate response to the Union’s massive investment requirements, particularly given that the RRF will terminate at the end of 2026;

Or. en

Amendment 59

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas past crises, including the COVID-19 pandemic, have shown that a common and coordinated European response strengthens the Union; whereas, in a competitive geoeconomic environment, Europe can safeguard its interests and values only through unity, highlighting the need for a robust macroeconomic policy frameworks and even closer coordination of economic and social policies through the European Semester;

Or. en

Amendment 60

Thomas Bajada

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the widespread reliance on GDP as the principal measure of progress has long been criticised for its narrow focus on economic output rather than the broader conditions that constitute individual wellbeing;

Or. en

Amendment 61

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Recital H b (new)

Motion for a resolution

Amendment

H b. whereas EU funding has proven to be a vital instrument for ensuring macroeconomic stabilisation at the EU level in the face of multiple crises since 2019, enhancing internal and external resilience, and supporting Member States in financing essential investments within the Union;

Or. en

Amendment 62

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that over the last five years, the EU has faced major challenges, including the outbreak of the COVID-19 pandemic and the Russian war in Ukraine, which have had major economic impacts; notes the EU-wide initiatives to address the economic consequences of external shocks, in particular the Recovery and Resilience Facility (RRF); stresses, however, that despite their original scale and ambition, these initiatives have so far not delivered sufficient or lasting results in addressing several persistent structural issues;

Or. en

Amendment 63

Markus Ferber

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

Or. en

Amendment 64

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that over the last five years, the EU has faced major challenges, including the outbreak of the COVID-19 pandemic and the Russian war in Ukraine, which have had major economic impacts; underlines the quick and coordinated EU responses and measures to address the economic consequences of external shocks, in particular the Recovery and Resilience Facility (RRF); recalls, furthermore, that promoting growth means promoting fiscal discipline policies and responsible budget policies, encouraging pro-market structural reforms and increasing investments that boost productivity;

Or. es

Amendment 65

Dirk Gotink

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

Or. en

Amendment 66

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that over the last five years, the EU has faced major challenges, including the outbreak of the COVID-19 pandemic and the Russian war in Ukraine, which have ongoing major economic impacts; underlines the effectiveness and swiftness of EU-wide initiatives and instruments to address the economic and social consequences of external shocks, in particular the Recovery and Resilience Facility (RRF) ) and the European Instrument for Temporary Support to Mitigate Unemployment Risks in an Emergency (SURE);

Or. en

Amendment 67

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that over the last five years, the EU has faced major challenges, including the outbreak of the COVID-19 pandemic and the Russian war in Ukraine, which have had major economic impacts; underlines the questionable effectiveness of EU-wide initiatives to address the economic consequences of external shocks, in particular the Recovery and Resilience Facility (RRF), which is being implemented too slowly and its real impact on the recovery of the EU economy is uncertain and difficult to verify;

Or. en

Amendment 68

Lídia Pereira

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that over the last five years, the EU has faced major challenges, including the outbreak of the COVID-19 pandemic and the Russian illegal and unjustified war in Ukraine, which have had major economic impacts; underlines the effectiveness of EU-wide initiatives to address the economic consequences of external shocks, in particular the Recovery and Resilience Facility (RRF) and the temporary Support to mitigate Unemployment Risks in an Emergency (SURE);

Or. en

Amendment 69

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that over the last five years, the EU has faced major challenges, including the outbreak of the COVID-19 pandemic and the Russian war in Ukraine, which have had major economic impacts; underlines the effectiveness of EU-wide initiatives to address the economic consequences of external shocks, in particular the Recovery and Resilience Facility (RRF); regrets that the negative impact of these shocks on the most vulnerable has been reinforced by the austerity policies inspired and incentivised by the Commission's country-specific recommendations in the framework of the European Semester;

Or. en

Amendment 70

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution

Amendment

1 a. Encourages to expand the provision of EU-level public goods, streamline the budget to enhance flexibility and avoid distortionary new taxation that may reduce economic efficiency and growth potential;

Or. en

Amendment 71

Markus Ferber

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution

Amendment

1 a. Concurs with the Commission that confronted with an adverse international economic environment, demographic trends and weak labour productivity growth, the EU must take decisive action to foster economic growth, bolster its economic security and support competitiveness;

Or. en

Amendment 72

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution

Amendment

1 a. Believes that the present competitiveness and geopolitical challenges can be best met by respecting Member States’ competences; believes that - based on the principle of subsidiarity - Member States have the best understanding of the challenges they are facing;

Or. en

Amendment 73

Ivars Ijabs, Katri Kulmuni, Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024;

2. Notes that, according to the Commission’s 2026 economic forecast, the EU’s GDP is expected to increase by 1.5 % in 2026 compared to 2025, and, bearing in mind the broader geopolitical and international economic context that is exerting downward pressure on the EU’s economic performance, regrets that this places the EU behind other major global economies, particularly, the USA and China, and underscores the urgent need for pro-growth policies, specifically in areas such as research and development, as well as the importance of simplifying EU policy frameworks and procedures to facilitate stronger economic expansion;

Or. en

Amendment 74

Dirk Gotink

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024;

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024; observes that, with this forecast, the EU is still substantially lagging behind the US and China in terms of growth expectations; stresses that sluggish growth can lead to lower income for citizens, less profitability for companies and more fiscal pressure on governments, jeopardising Member States’ and the EU’s ability to fund the highly needed investments in EU priorities, including competitiveness, clean tech, digitalisation, housing and defence;

Or. en

Amendment 75

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024;

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024; highlight that despite significant challenges, the euro area and the EU have maintained growth and demonstrated resilience, driven by domestic demand, supported by favourable financing conditions, the implementation of the Recovery and Resilience Facility (RRF), a stable financial sector, and strong labour market performance;

Or. en

Amendment 76

Enikő Győri, Paolo Borchia, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024;

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024; underlines that this weak growth trajectory reflects the structural challenges identified in the Draghi Report, including low levels of investment and productivity, an insufficiently integrated Single Market, the lack of innovation, and regulatory complexity being all major impediments to competitiveness;

Or. en

Amendment 77

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024;

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024; stresses however that in the Eurozone the economic growth will be probably lower, at around 1.2%;

Or. en

Amendment 78

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024;

2. Notes that, according to the Commission’s autumn 2025 economic forecast, the EU’s GDP is expected to increase by 1.4 % in 2025 compared to 2024, and that, according to the same forecast, its GDP will also grow by 1.4 % in 2026 and a further 1.5 % in 2027;

Or. es

Amendment 79

Markus Ferber

Motion for a resolution

Paragraph 2 a (new)

Motion for a resolution

Amendment

2 a. Notes that potential growth, which marks the growth rate an economy can sustain without excess inflation, is set to go down from 1.5% in 2024 to 1.3% in 2027 in the EU, and from 1.4% to 1.2%, respectively, in the euro area, as growth in the working age population slows; considers that these potential growth levels are too low in order to master the challenges the European economy faces in the years to come; highlights that productivity-enhancing reforms are therefore a necessity;

Or. en

Amendment 80

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 2 a (new)

Motion for a resolution

Amendment

2 a. Notes that the global competitors outperform the EU in economic performance, with for instance US GDP expected to increase by 2.0% while the world output is projected to be 3.2% in 2025 according to the IMF October 2025 World Economic Outlook; calls on the Commission to implement the Budapest Declaration in order to put the EU economy back on the high growth track;

Or. en

Amendment 81

Ivars Ijabs, Katri Kulmuni, Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 2 a (new)

Motion for a resolution

Amendment

2 a. Notes that the EU’s role in the global economy is steadily diminishing as its growth, innovation capacity, and strategic influence lag behind other major powers and without decisive action to boost competitiveness and assert its geopolitical weight, Europe risks becoming increasingly sidelined in shaping global economic and political outcomes;

Or. en

Amendment 82

Markus Ferber

Motion for a resolution

Paragraph 2 b (new)

Motion for a resolution

Amendment

2 b. Notes that according to the European Commission's Autumn 2025 Economic Forecast published on 17 November 2025, the aggregate euro area deficit is projected to increase from 3.1% of GDP in 2024 to 3.2% of GDP in 2025; notes that on the basis of current policies, the deficit is expected to rise to 3.3% of GDP in 2026;

Or. en

Amendment 83

Markus Ferber

Motion for a resolution

Paragraph 2 c (new)

Motion for a resolution

Amendment

2 c. Is concerned that twelve Member States are set to have deficits exceeding 3% of GDP in 2027, one more than in 2025;

Or. en

Amendment 84

Markus Ferber

Motion for a resolution

Paragraph 2 d (new)

Motion for a resolution

Amendment

2 d. Is concerned that nine Member States are under excessive deficit procedures;

Or. en

Amendment 85

Stefan Berger

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025;

3. After declining substantially in previous years, the aggregate euro debt-to-GDP ratio has started to rise in 2025 and is expected to increase to 89.8% of GDP at end-2026, from around 88% at end-2024;

Or. en

Amendment 86

Dirk Gotink

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025;

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025, far above the agreed threshold of 60%; emphasises that an increasing debt burden for governments does not only constitutes a vulnerability to budgetary and fiscal sustainability, but also significantly hampers efforts to invest in competitiveness and defence; underlines that high debt levels can lead to financial and economic instability, and hamper governments’ ability to respond to crises; notes that events in 2025 have illustrated how high debt levels can contribute to significantly increasing Member States’ costs of borrowing on financial markets;

Or. en

Amendment 87

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025;

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025, significantly above the 60% reference value for individual Member States as enshrined in the Treaties;

Or. en

Amendment 88

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025;

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025 in the EU; regrets that it is projected to increase to 83.8% in 2026 and 84.5% in 2027; notes that the general government gross debt-to-GDP ratios is expected to reach 88.8% in 2025 in the euro area; regrets that the general government debt is projected to increase to 89.8% in 2026 and 90.4% in 2027;

Or. en

Amendment 89

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025;

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025; notes that this upward trend will continue over the forecast horizon to reach around 84.5 % in 2027, driven by persistent primary deficits, higher defence spending and the interest-growth differential; notes that four Member States are projected to have a debt-to-GDP ratio of over 100 % in 2027;

Or. es

Amendment 90

Markus Ferber

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025;

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025; is concerned that the EU debt-to-GDP ratio is projected to increase from 82% in 2024 to 85% in 2027 (and from 88% to 91% in the euro area), driven by persistent primary deficits and an average cost of servicing government debt that is higher than nominal GDP growth;

Or. en

Amendment 91

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025;

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025; underlines that this is an alarmingly high level, much higher than the one set in the Stability and Growth Pact;

Or. en

Amendment 92

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025;

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025; notes that debt levels vary significantly amongst Member States; stresses that a higher interest rates environment increases the debt financing costs of Member States; acknowledges the need for country-specific debt reduction paths;

Or. en

Amendment 93

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025;

3. Notes that the general government gross debt-to-GDP ratio is expected to reach 82.8 % in 2025; notes that this represents a significant decrease from its 2020 peak;

Or. en

Amendment 94

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. welcomes that some Member States have increased their public investment spending, which would have a positive impact on growth and productivity; notes that this is likely to contribute to mitigating the impact of uncertainties in international trade;

Or. en

Amendment 95

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. Notes that general government deficit is expected to reach 3.3% in 2025 in the EU; regrets that it is projected to increase to 3.4% in 2026 and 2027; notes that general government deficit is expected to reach 3.2% in 2025 in the euro area; regrets that it is projected to increase to 3.3% in 2026 and 3.4% in 2027; notes that, by 2027, 12 Member States are projected to record a deficit above 3% of GDP, one more than in 2025;

Or. en

Amendment 96

Stefan Berger

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. Is concerned that the aggregate euro area deficit is projected to increase from 3.1% of GDP in 2024 to 3.2% of GDP in 2025; is also concerned that, on the basis of current policies, the deficit is expected to rise to 3.3% of GDP in 2026;

Or. en

Amendment 97

Markus Ferber

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. Notes with concern that four Member States are forecast to have debt ratios in excess of 100% next year;

Or. en

Amendment 98

Markus Ferber

Motion for a resolution

Paragraph 3 b (new)

Motion for a resolution

Amendment

3 b. Notes that this level of public indebtedness is considerably higher than the reference values in the treaty; notes with concern that high public debt levels are a source of systemic macroeconomic risk;

Or. en

Amendment 99

Markus Ferber

Motion for a resolution

Paragraph 3 c (new)

Motion for a resolution

Amendment

3 c. Calls on Member States to reduce deficits and aggregate public debt levels to bring them in line with the treaty reference values thereby reducing the burden on future generations;

Or. en

Amendment 100

Markus Ferber

Motion for a resolution

Paragraph 3 d (new)

Motion for a resolution

Amendment

3 d. Points out that cautious fiscal policies would contribute to restoring fiscal buffers over time and thus to improving the sustainability of public debt in some Member States;

Or. en

Amendment 101

Markus Ferber

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Notes that according to the Commission communication entitled 'Reflecting the economic governance framework in national fiscal policy'1a, euro area public investment is expected to expand further in 2026, driven by a mix of national and EU financing, and that investment is set to provide some further expansionary contribution to the euro area fiscal stance in 2026; notes that public investment in the euro area is projected to reach 3.7% of GDP by 2026, from 3.0% in 2019;

_________________

1a COM(2025) 951 final

Or. en

Amendment 102

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Expresses concern that insufficient private and public investment is likely to hinder economic growth in Europe; points out that this is a systemic and complex problem, with one of its main causes being the complicated and non-business friendly regulatory environment, including in particular legal acts at the EU level related to the green transition;

Or. en

Amendment 103

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Expresses concern that insufficient investment is likely to hinder growth in Europe; stresses that the EU’s weak economic performance partly stems from the breadth and design of the common priorities - especially the unrealistic requirements of the green transition - stated in the EU strategic agenda 2024–2029;

Or. en

Amendment 104

Dirk Gotink

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Expresses concern that insufficient private and public investment is likely to hinder sustainable growth and competitiveness in Europe and prevent the EU from meeting its current and future priorities;

Or. en

Amendment 105

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Expresses concern that insufficient private and public investment is likely to hinder growth potential in Europe and prevent the EU from meeting the common priorities stated in the 2024-2029 strategic agenda, particularly with regard to competitiveness, security and the ongoing transitions;

Or. es

Amendment 106

Ivars Ijabs, Katri Kulmuni, Anouk Van Brug, Engin Eroglu, Gilles Boyer

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Expresses concern that insufficient private and public investment is likely to hinder sustainable growth in Europe and prevent the EU from meeting the priorities set out in the EU Strategic Agenda 2024-2029, and stresses that EU Member States must step up efforts to remove barriers and mobilise far greater private investment in line with the Commission’s Savings and Investments Union strategy;

Or. en

Amendment 107

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Expresses concern that insufficient private and public investment following the expiry of the Recovery and Resilience Facility is likely to hinder sustainable growth in Europe and prevent the EU from meeting the common priorities stated in the EU strategic agenda 2024-2029; highlights that, according to the Commission’s 2025 Autumn Forecast, public investment in the EU is expected to shift to a downward trend once the RRF comes to an end;

Or. en

Amendment 108

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Expresses concern that insufficient private and public investment is likely to hinder sustainable growth in Europe and prevent the EU from meeting the common priorities stated in the EU strategic agenda 2024-2029; is concerned by the low level of potential growth in the EU; highlights that investments in infrastructure, research and development and innovation are urgently needed to increase EU potential growth;

Or. en

Amendment 109

Lídia Pereira

Motion for a resolution

Paragraph 4 a (new)

Motion for a resolution

Amendment

4 a. Supports the Commission´s political objective of simplification and significant reduction of regulatory burden to create a business-friendly environment in order to attract and increment private investment;

Or. en

Amendment 110

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Recalls that extreme weather events have a material impact on public finance;is aware that the impact and frequency of extreme weather events will only increase in the coming years as a result of climate change;

deleted

Or. en

Amendment 111

Markus Ferber

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

deleted

Or. en

Amendment 112

Enikő Győri, Paolo Borchia, Pierre Pimpie

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Notes that extreme weather events can have a material impact on public finance;

Or. en

Amendment 113

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Recalls that extreme weather events can have an impact on public finance; stresses the importance of sufficient financial buffers to respond immediately to these events;

Or. en

Amendment 114

Stefan Berger

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Recalls that extreme weather events have a material impact on public finance;

Or. en

Amendment 115

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Recalls that extreme weather events have a material impact on public finance; points out that it is therefore essential to invest in prevention and prioritise the swift deployment of existing aid mechanisms so that they reach affected areas as quickly as possible;

Or. es

Amendment 116

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Recalls that extreme weather events have a material impact on public finance; notes that during the summer of 2025 only, heat waves, droughts and floods caused €43 billion of economic losses; is aware that the impact and frequency of extreme weather events will only increase in the coming years as a result of climate change; urges Member States to make the necessary climate mitigation and climate adaptation investments to improve EU economic resilience; invites the Commission to take these investments into account when elaborating the euro-area and country specific recommendations;

Or. en

Amendment 117

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Notes that unsustainable debt levels could undermine economic stability and decrease the EU’s economic capacity to respond to future crises; expresses concern that the increasing total ageing cost represents a major challenge for fiscal sustainability and macroeconomic stability in the future; points out that some countries expect total ageing costs to increase over 5 pp of GDP until 2070 compared the EU average increase of 1.2 pp, according to the 2024 Ageing Report;

Or. en

Amendment 118

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

Or. en

Amendment 119

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

Or. en

Amendment 120

Dirk Gotink

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Welcomes the fact that the euro-area inflation has been brought down to the European Central Bank target level after reaching its peak level of 10.6 % in October 2022; notes, however, that inflation remains elevated in several Member States;

Or. en

Amendment 121

Stefan Berger

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

Or. en

Amendment 122

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Welcomes the fact that euro-area inflation has been brought down to the European Central Bank target level after reaching its peak level of 10.6 % in October 2022; notes, however, that inflation remains at different levels across the Member States, with higher levels in Member States with energy-intensive industries;

Or. es

Amendment 123

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Welcomes the fact that inflation has been brought down to the European Central Bank target level after reaching its peak level of 10.6 % in October 2022; notes, however, that inflation remains at different levels across the Member States, with higher levels in Member States with energy-intensive industries; notes that inflation affects income groups unevenly, with low-income households hit hardest, especially when price increases concern essential goods and services, thereby creating a cost-of-living crisis for parts of the population and challenging social cohesion;

Or. en

Amendment 124

Markus Ferber

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Welcomes the fact that inflation has been brought down to the European Central Bank target level after reaching its peak level of 10.6 % in October 2022; notes, however, that inflation remains at different levels across the Member States, with higher levels in Member States with energy-intensive industries; notes that core inflation as well as inflation expectations still remain above target level;

Or. en

Amendment 125

Thomas Bajada

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Expresses serious concern about the continued impact of food and energy inflation on European households; notes that food inflation in the EU persists with a negative impact on the wellbeing of EU citizens and that to put a meal on the table, consumers pay roughly a third more than before the COVID pandemic;

Or. en

Amendment 126

Stefan Berger

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Calls for better implementation of responsible public finances, socially balanced structural reforms and high-quality public and private investment; believes that overcoming forthcoming challenges will require massive investment and significant structural reforms;

Or. en

Amendment 127

Ivars Ijabs, Katri Kulmuni, Engin Eroglu

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

deleted

Or. en

Amendment 128

Markus Ferber

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

deleted

Or. en

Amendment 129

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Is concerned by the macroeconomic stability risks posed by rising housing prices across the Member States, in particular sustained price increases and difficult access to housing; recalls that such dynamics can limit labour mobility and slow down growth in productivity in the long term; regrets that the lack of a consistent, predictable housing policy in some Member States, together with regulatory interventions that have created legal uncertainty, have aggravated market tensions and created obstacles to investment and the supply of affordable housing, which particularly affects young people and families;

Or. es

Amendment 130

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Is concerned by the macroeconomic stability risks posed by rising housing prices across the Member States,in particular potential restrictions on labour mobility and weakening of the growth in productivity, which are disproportionately affecting groups in vulnerable situations; notes that EU house prices increased by around 60.5% between 2010 and the second quarter of 2025 and rents rose by nearly 29% over the same period; stresses that worsening affordability entails in particular potential restrictions on labour mobility, labour market participation and weakening of the growth in productivity and execrating social pressures; notes that according to the Commission’s 2026 European Macroeconomic Report recent house price growth exceeds what can be explained by household borrowing, indicating that speculative investment and the growing financialisation of housing are distorting market fundamentals; stresses that when capital flows disproportionately into real estate rather than productive investment, this undermines economic efficiency;

Or. en

Amendment 131

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Is concerned by the macroeconomic stability risks posed by rising housing prices across the Member States, in particular potential restrictions on labour mobility and weakening of the growth in productivity; stresses moreover that surging housing costs have significant social consequences, including worsening inequalities, increasing housing insecurity and limiting access to adequate and affordable housing for large segments of the population; considers, therefore, that country-specific recommendations under the European Semester should fully take these challenges into account by encouraging Member States to invest in public and affordable housing, and by supporting large-scale thermal renovation programmes to reduce energy poverty and improve the resilience of housing stock;

Or. en

Amendment 132

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Is concerned by the macroeconomic stability risks posed by rising housing prices across the Member States, in particular potential restrictions on labour mobility and weakening of the growth in productivity; welcomes that the Commission’s European macroeconomic report acknowledges that housing affordability has become a macroeconomic and social issue;

Or. en

Amendment 133

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution

Amendment

7 a. Encourages taking action on enabling labour mobility by simplifying and digitalising professional qualifications and improving social security coordination and pension portability in order to boost medium-term growth as the IMF stresses;

Or. en

Amendment 134

Dirk Gotink

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution

Amendment

7 a. Expresses concern about the long-term sustainability of national pension schemes in various Member States, including ‘pay-as-you-go’ schemes, putting pressure on national budgets and jeopardising the income of retirees;

Or. en

Amendment 135

Stefan Berger

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution

Amendment

7 a. Highlights that a consistent and comprehensive industrial policy is vital for supporting the EU’s technological transformation and secure resilient supply chains, while preserving competitive and undistorted markets;

Or. en

Amendment 136

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

deleted

Or. en

Amendment 137

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Notes that on average the employment rate in the EU has reached a record-high level;

Or. en

Amendment 138

Markus Ferber

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Notes that on average the employment rate in the EU has reached a record-high level; highlights that the model of vocational education and training has proven successful in the Member States that have opted for it;

Or. en

Amendment 139

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Welcomes that on average the employment rate in the EU has reached a record-high level, with employment playing a key role in the Union's growth; welcomes the integration of the social convergence framework into the joint employment report of the European Semester; recalls, in this regard, the Council recommendation on the economic policy of the euro area of 25 November 2025 on taking action against poverty by safeguarding and strengthening adequate and sustainable social protection and inclusion systems, including the provision of affordable and accessible housing, which is highlighted as key for preserving social cohesion and thereby contributing to a resilient economy;

Or. en

Amendment 140

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Notes that on average the employment rate in the EU has reached a record-high level; notes the integration of the social convergence framework into the joint employment report of the European Semester;

Or. en

Amendment 141

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Notes that on average the employment rate in the EU has reached a record-high level, which reflects a dynamic labour market in most Member States; welcomes the integration of the social convergence framework into the joint employment report of the European Semester; expresses concern about the fact that, in some Member States, development of the labour market remains hampered by high structural temporary employment, high unemployment rates and the failure of active employment policies designed by competent national authorities to have any impact whatsoever, in addition to the serious issue of youth unemployment;

Or. es

Amendment 142

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Notes that on average the employment rate in the EU has reached a record-high level; welcomes the integration of the social convergence framework into the joint employment report of the European Semester; regrets, however, that country-specific recommendations under the European Semester continue to promote socially regressive measures, notably by repeatedly calling on Member States to reduce unemployment benefits and weaken the rights and protection of jobseekers, thereby undermining social cohesion and the objectives of upward social convergence;

Or. en

Amendment 143

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Notes that on average the employment rate in the EU has reached a record-high level; welcomes the integration of the social convergence framework (SCF) into the joint employment report of the European Semester; calls on the Commission to issue a recommendation when a Member State demonstrates a negative trend on one of the SCF indicators;

Or. en

Amendment 144

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Notes that on average the employment rate in the EU has reached a record-high level; welcomes the integration of the social convergence framework into the joint employment report of the European Semester; regrets the large differences among Member States in unemployment rates, particularly with regard to young people;

Or. en

Amendment 145

Stefan Berger

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8 a. Reiterates the importance of safeguarding the level playing field in the single market and calls on Member States to take action to deepen the single market by eliminating internal barriers, reducing administrative burden and simplifying regulation;

Or. en

Amendment 146

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8 a. Recalls however that the original objective of the European Semester was the coordination of budgetary and economic policies across the Union in order to safeguard macroeconomic stability;

Or. en

Amendment 147

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Subheading 2

Motion for a resolution

Amendment

Revised EU economic governance framework

Application of the revised EU economic governance framework

Or. en

Amendment 148

Stefan Berger

Motion for a resolution

Subheading 2

Motion for a resolution

Amendment

Revised EU economic governance framework

EU economic governance framework

Or. en

Amendment 149

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Recalls that the purpose of the reform of the economic governance framework is to improve its ability to accommodate the heterogeneity of fiscal positions, public debt and economic challenges, and to help address the medium- and long-term challenges that the EU faces;

9. Recalls that the purpose of the reform of the economic governance framework is to make it simpler, more transparent and more effective, with greater national ownership and better enforcement and to help address the medium- and long-term challenges that the EU faces and promote countercyclical fiscal policies;

Or. en

Amendment 150

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Recalls that the purpose of the reform of the economic governance framework is to provide flexibility for strategic investments in the reduction paths while maintaining financial soundness;

Or. en

Amendment 151

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Recalls that the purpose of the reform of the economic governance framework was presented as improving its ability to accommodate the heterogeneity of fiscal positions, public debt and economic challenges, and to help address the medium- and long-term challenges that the EU faces; stresses, however, that in reality the reform results in even stronger oversight and tighter constraints on Member States’ policy choices, further limiting their capacity to define autonomous economic and social policies;

Or. en

Amendment 152

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Recalls that the purpose of the reform of the economic governance framework is to provide the EU with a system that accommodates the heterogeneity of fiscal positions, public debt and economic challenges, and to help address the medium- and long-term challenges that the EU faces; emphasises, therefore, that a successful reform requires real commitment by Member States, and regrets that some Member States continue to have high deficits, persistently high debt and non-credible fiscal plans, which makes it difficult to implement the new framework effectively and undermines their collective credibility;

Or. es

Amendment 153

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

Or. en

Amendment 154

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Recalls that the purpose of the reform of the economic governance framework is to improve its ability to accommodate the heterogeneity of fiscal positions, public debt and economic challenges, thereby creating the possibility for all Member States to conduct countercyclical fiscal policies, and to help address the medium- and long-term challenges that the EU faces;

Or. en

Amendment 155

Dirk Gotink

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Recalls that the purpose of the reform of the economic governance framework is to improve its ability to accommodate the heterogeneity of fiscal positions, public debt and economic challenges, to reduce debt ratios and deficits in a gradual, realistic, sustained and growth-friendly manner, and to help address the medium- and long-term challenges that the EU faces;

Or. en

Amendment 156

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Expresses concerns that the EU economic governance framework as a whole has lost its original focus as over the years the European Semester has been overloaded by policies out of its original scope, leading to debates of non-economic nature; regrets the fact that new economic governance rules further deepened the non-economic dimension of the Semester; highlights that measuring both the implementation of the principles of the European Pillar of Social Rights and the risks of social convergence not just interferes with Member States' competences, but also leads to the total loss of the macroeconomic scope of the Semester;

Or. en

Amendment 157

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Highlights that, despite the additional flexibility introduced under the revised economic governance rules, many Member States will still face insufficient fiscal capacity to meet substantial investment needs; takes note that the National Escape Clause (NEC) has already been activated for defence expenditure only one year after the entry into force of the revised rules as a short-term response to extraordinary events beyond a country’s control; underlines that the NEC is intended for temporary, country-specific emergencies and is not suited for addressing long-term structural needs;

Or. en

Amendment 158

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Regrets that the revised economic governance framework fails to enhance social progress and convergence and to foster the ecological transition; reiterates that instead of focusing on irrelevant economic indicators and pursuing endless debt and deficit reduction, the EU economic governance framework should aim at eradicating poverty and inequalities and providing a high level of social protection, qualitative public services, individual and collective well-being through the fulfilment of essential needs of all citizens and ecological planning;

Or. en

Amendment 159

Sirpa Pietikäinen

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Notes that excessive public indebtedness should be avoided, while resilient and future-oriented public investment should be safeguarded; calls for the macroeconomic indicators and the debt and deficit calculations under the European Semester to be further operationalised and refined so as to better reflect the effective use of public funds in the Member States;

Or. en

Amendment 160

Anouk Van Brug, Engin Eroglu, Gilles Boyer, Katri Kulmuni

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Reiterates its stance that a proper and credible economic governance framework is a necessary requirement for sustainable fiscal policies, particularly debt and deficit trajectories ensuring credible paths of debt reduction; stresses the importance of a sustainable debt level for the real economy;

Or. en

Amendment 161

Markus Ferber

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Highlights that under the reformed economic governance framework, the growth of net expenditure is the single operational indicator to monitor Member States’ compliance with the respective Council recommendations;

Or. en

Amendment 162

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Takes note of the risk that divergent fiscal spaces and different abilities to debt-finance public spending in Member States could contribute to rekindling macroeconomic imbalances across the EU;

Or. en

Amendment 163

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 9 b (new)

Motion for a resolution

Amendment

9 b. Notes that the Debt Sustainability Analysis (DSA) underpinning the trajectory that serves as a reference for the elaboration of national fiscal and budgetary plans is dependent on arbitrary assumptions of over 14 to 17 years in the future and relies on an outdated macroeconomic model that does not acknowledge the embeddedness of economic activities in the biosphere, and therefore does not take into account their increasing exposure to climate change, resource scarcity, environmental degradation and natural disasters in the future; considers that this highly problematic feature of the DSA will lead to misguided perceptions of economic risks and misguided economic projections that will in turn influence the whole economic governance;

Or. en

Amendment 164

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 9 b (new)

Motion for a resolution

Amendment

9 b. Notes that according to the new rules, the European Parliament may invite Member States under EDP to participate in an exchange of views; highlights the fact that this year all Member States declined the invitation of the Parliament proving that it shouldn`t oversee Member States’ budgetary plans as it is a clear national competence;

Or. en

Amendment 165

Markus Ferber

Motion for a resolution

Paragraph 9 b (new)

Motion for a resolution

Amendment

9 b. Is concerned by the European Fiscal Board's finding that new forms of discretion were used for delaying or deciding not to open excessive deficit procedures; reminds the Commission that a faithful and even application of the EU fiscal rules is paramount in order to maintain the credibility of the economic governance framework;

Or. en

Amendment 166

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 9 c (new)

Motion for a resolution

Amendment

9 c. Regrets that in order to comply with the revised economic governance rules, governments of Member States, France being at the forefront, have committed in their national fiscal and budgetary plans to reducing public expenditure and implementing structural reforms; deplores that these commitments have already or will in the near future translate into concrete measures deeply affecting the population, such as the reform of the pension system, the reform of the unemployment scheme, the decrease in healthcare reimbursements, job cuts in public administrations like in public education, leading to the general degradation of public services; warns that these economic policies aiming at complying with the objectives of the European Semester will have harmful and long-lasting impact on the people and on our collective capacity to cope with the ecological crisis while at the same time failing to achieve the deficit and debt reduction for which these policies were intended;

Or. en

Amendment 167

Markus Ferber

Motion for a resolution

Paragraph 9 c (new)

Motion for a resolution

Amendment

9 c. Concurs with the European Fiscal Board that going forward, the Commission and the Council should be more timely in implementing EDPs and should avoid any deviation from the SGP;

Or. en

Amendment 168

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 9 d (new)

Motion for a resolution

Amendment

9 d. Recalls that the temporary suspension of the fiscal rules during the Covid-19 crisis demonstrated that they were not fit for situations where States have to cope with major economic turmoil; recalls that this suspension did not lead to further economic degradation but, to the contrary, gave Member States new room for manoeuvre; recalls further that the revised economic governance framework is still not suited to prevent and deal with future crises that the EU will eventually face, starting from the ecological crisis; deplores that new goals agreed in the new economic governance framework do not reflect current economic realities; calls for reframing them towards ecological, social and well-being concerns;

Or. en

Amendment 169

Markus Ferber

Motion for a resolution

Paragraph 9 d (new)

Motion for a resolution

Amendment

9 d. Is concerned that the new multi-year plans could tempt Member States to backload necessary fiscal consolidation efforts; calls on the European Commission to pay particular attention that necessary fiscal consolidation efforts are actually implemented;

Or. en

Amendment 170

Markus Ferber

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Takes note of the targeted amendments to the EU’s economic governance framework published by the Commission on 2 October 2025;

10. Welcomes the targeted amendments to the EU’s economic governance framework published by the Commission on 2 October 2025 aiming at establishing consistency following the most recent update of the economic governance framework;

Or. en

Amendment 171

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 10 a (new)

Motion for a resolution

Amendment

10 a. Stresses that the Commission has expanded its discretionary powers under the reformed economic governance framework, notably through the bilateral process underpinning the medium-term fiscal-structural plans; notes the European Fiscal Board’s1a findings confirming increased discretion and bilateralism, and that in 2024 and 2025 both the Commission and the Council made use of new forms of discretion, including splitting legal steps, modifying recommendations, and delaying or refraining from initiating excessive deficit procedures; calls on the Commission and the Member States to ensure a consistent and rules-based application of the framework to guarantee equal treatment of all Member States and to uphold a coherent and genuinely European approach;

_________________

1a European Fiscal Board 2025 Annual report

Or. en

Amendment 172

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 10 a (new)

Motion for a resolution

Amendment

10 a. Notes with concern the EFB findings that several Member States based their fiscal plans on macroeconomic assumptions significantly more optimistic than those of the Commission, without either the Commission or the Council questioning these deviations; highlights that, among the 27 plans submitted, 12 rely on substantially more optimistic scenarios and that in 8 cases the differences in the cumulative growth of net expenditure exceed two percentage points compared to the prior Commission guidance;

Or. en

Amendment 173

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 10 a (new)

Motion for a resolution

Amendment

10 a. Regrets that the revised economic governance framework continues to promote debt reduction over debt sustainability and hampers Member States investment capacity in the EU common priorities; calls for reviewing the EU fiscal rules in order to enable Member States to make the necessary investments for the green transition; calls for a better inclusion of social as well as climate and environmental considerations in the European Semester process;

Or. en

Amendment 174

Dirk Gotink

Motion for a resolution

Paragraph 10 a (new)

Motion for a resolution

Amendment

10 a. Regrets the fact that nine Member States are currently in excessive deficit procedures and welcomes remedial action; is concerned that the ability for remedial action is obstructed by policy and political uncertainty in Member States;

Or. en

Amendment 175

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 10 b (new)

Motion for a resolution

Amendment

10 b. Notes that the Commission’s assessments of the national plans — including those diverging from previous guidance — state that prior evaluations of underlying assumptions will be taken into account in future compliance assessments; stresses, however, that it is unclear how such future assessments will be conducted; calls on the Commission to clarify how these future compliance assessments will be carried out;

Or. en

Amendment 176

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 10 b (new)

Motion for a resolution

Amendment

10 b. Notes that the debt sustainability analysis (DSA) is particularly sensitive to the assumptions used, while the DSA is instrumental in defining Member States’ net expenditure path; calls on the Commission to make public its plausibility assessment and the data used for the DSA, in accordance with Article 10 of the preventive arm regulation;

Or. en

Amendment 177

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 10 c (new)

Motion for a resolution

Amendment

10 c. Regrets that two euro area Member States have not complied with their legal obligation to submit their Draft Budgetary Plans (DBP); takes note that as a result of this the Commission assessed compliance with fiscal rules based only on the autumn economic forecasts; reminds that a euro area Member State has not submitted its DBP for a second consecutive year; recalls that this undermines the integrity of the fiscal rules framework and the multilateral economic surveillance process;

Or. en

Amendment 178

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 10 c (new)

Motion for a resolution

Amendment

10 c. Regrets that none of the Member States under the excessive deficit procedure replied positively to the European Parliament's invitation to attend a public hearing;

Or. en

Amendment 179

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 10 d (new)

Motion for a resolution

Amendment

10 d. Regrets that some Member States did not complete all the negotiated reforms underpinning the extension of the fiscal adjustment period by the deadline, as reflected in the annual progress reports on the fiscal plans;

Or. en

Amendment 180

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 10 e (new)

Motion for a resolution

Amendment

10 e. Notes with concern the EFB findings that roughly half of the independent fiscal institutions did not formally participate in the preparation of the medium-term fiscal-structural plans, thereby reducing transparency and external oversight at a key moment of transition;

Or. en

Amendment 181

Ivars Ijabs, Katri Kulmuni, Engin Eroglu

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Expresses concern over the fact that the RRF is coming to an end in 2026 and over the impact that this might have on the EU’s overall fiscal stance;

deleted

Or. en

Amendment 182

Anouk Van Brug, Engin Eroglu, Katri Kulmuni

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Expresses concern over the fact that the RRF is coming to an end in 2026 and over the impact that this might have on the EU’s overall fiscal stance;

11. Recalls that the debt issued to finance the Recovery and Resilience Fund (RRF) is to be repaid by 2058, in a manner that ensures the steady and predictable reduction of liabilities;

Or. en

Amendment 183

Enikő Győri, Paolo Borchia, Jorge Martín Frías

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Expresses concern over the fact that the RRF is coming to an end in 2026 and over the impact that this might have on the EU’s overall fiscal stance;

11. Expresses concern over the fact that despite the RRF is underperforming the expectations due to its slow disbursement and low implementation rate of milestones and targets, the Commission is planning to improve the EU’s overall fiscal stance by designing the new MFF based on the RRF model;

Or. en

Amendment 184

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Expresses concern over the fact that the RRF is coming to an end in 2026 and over the impact that this might have on the EU’s overall fiscal stance;

11. Notes that the RRF is coming to an end in 2026; stresses that the RRF will probably not meet the expectations in terms of its positive impact on the EU economy, and that the effectiveness of spending it funds raises many doubts;

Or. en

Amendment 185

Dirk Gotink

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Expresses concern over the fact that the RRF is coming to an end in 2026 and over the impact that this might have on the EU’s overall fiscal stance;

11. Notes that the RRF is coming to an end in 2026; recalls that the RRF is a ‘one-time-only’ instrument; stresses that the RRF debt of EUR 672,5 billion has to be borne by the EU budget and repaid by 2058, with the actual costs significantly exceeding the 2020 projections due to increased interest rates;

Or. en

Amendment 186

Markus Ferber

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Expresses concern over the fact that the RRF is coming to an end in 2026 and over the impact that this might have on the EU’s overall fiscal stance;

11. Takes note of the fact that the RRF is coming to an end in 2026 as it had always been designed as a one-off instrument;

Or. en

Amendment 187

Stefan Berger

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Expresses concern over the fact that the RRF is coming to an end in 2026 and over the impact that this might have on the EU’s overall fiscal stance;

11. Urges Member States to complete the implementation of their recovery and resilience plans by August 2026, given the fact that the RRF is coming to an end in 2026;

Or. en

Amendment 188

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Expresses concern over the fact that the RRF is coming to an end in 2026 and over the impact that this might have on the EU’s overall fiscal stance;

11. Highlights that public investment has risen noticeably in recent years, with around half of the increase between 2019 and 2025 financed by the EU, primarily through the Recovery and Resilience Facility (RRF); notes that these benefits are expected to continue beyond 2026, with important spill-over effects across Member States and that the long-term impact of structural reforms could raise potential output by up to 1.3% of GDP over 2020–2033 compared with a scenario without the RRF; expresses concern over the fact that the RRF is coming to an end in 2026 and over the impact that this might have on the EU’s overall fiscal stance;

Or. en

Amendment 189

Anouk Van Brug, Gilles Boyer

Motion for a resolution

Paragraph 11 a (new)

Motion for a resolution

Amendment

11 a. Stresses the success of the RRF governance model that links European funds to structural economic reforms, boosting the solidity of the European economy;

Or. en

Amendment 190

Ivars Ijabs, Katri Kulmuni, Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025, despite significant disparities across the Member States;

12. Expresses concern that 8 Member States are at risk of non-compliance with EU fiscal rules, enhancing the risk of triggering an excessive deficit procedure; calls on Member States to pursue prudential fiscal policies that ensure fiscal sustainability while maintaining a positive impact on growth;

Or. en

Amendment 191

Stefan Berger

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025, despite significant disparities across the Member States;

12. Echoes the Commission´s recommendation that the overall fiscal stance of the Member States is to remain neutral in 2026, while allowing differentiation and temporary flexibility for defence, in line with the targets in the medium-term fiscal structural plans and the national escape clauses;

Or. en

Amendment 192

Markus Ferber

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025, despite significant disparities across the Member States;

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025 and that the Commission considers the composition of the fiscal stance to be appropriate;

Or. en

Amendment 193

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025, despite significant disparities across the Member States;

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025; emphasises however that - according to the European Fiscal Board - despite favourable macroeconomic conditions, the improvement in budget balances fell short of forecasts because governments chose to channel revenue windfalls into expanding current discretionary spending rather than pursuing further fiscal consolidation;

Or. en

Amendment 194

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025, despite significant disparities across the Member States;

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025, despite significant disparities across the Member States; recalls that the European Fiscal Board is of the view that, excluding defence spending, fiscal restraint is appropriate in 2026, along the lines of the Council recommendations of January 2025;

Or. en

Amendment 195

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025, despite significant disparities across the Member States;

12. Notes that the overall fiscal stance of the Member States is broadly neutral in 2025, despite significant disparities across the Member States; considers that the neutral fiscal stance is at odds with the massive investments needed for the just transition and boosting the EU competitiveness; is concerned that the Commission still recommends a neutral fiscal stance in 2026 for euro-area Member States;

Or. en

Amendment 196

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Stresses that public revenues, as well as public expenditure, are essential to ensure the sustainability of public finances; recalls the Council recommendation on the economic policy of the euro area of 25 November 2025 that reducing tax gaps by improving tax compliance, including addressing tax avoidance and evasion, and combating aggressive tax planning, remains essential to ensure fair and efficient tax systems; emphasises that broadening the tax base and aligning tax strategies with broader policy objectives would support sound public finances and sustainable growth; considers it therefore necessary to enhance European tax coordination to enhance efficiency in the single market and to avoid harmful tax competition between Member States; emphasises in this regard the task assigned to the Commissioner for the Economy and Productivity to ensure that the tax system plays a crucial role in supporting Europe’s decarbonisation and competitiveness and ensures social fairness;

Or. en

Amendment 197

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Regrets that in the context of a general reduction of public spending, multinational companies have throughout the years benefitted from significant amounts of public subsidies without any conditions attached, such as for instance the preservation of local jobs, local production, ecological objectives or the limitation of the revenue of shareholders and of the income of executives;

Or. en

Amendment 198

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Highlights that, according to the IMF, the lack of fiscal consolidation is likely to have a negative impact on medium-term growth, due to the crowding-out of priority expenditure as well as rising refinancing and interest-rate risks;

Or. en

Amendment 199

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12 b. Recalls that debt sustainability depends on many factors beyond the mere quantitative debt-to-GDP ratio and that financial markets are less concerned by the debt stock than the overall resilience and strength of a country’s economy; is of the opinion that anticipation of finacial markets' negative reactions to high debt ratios should not be used to legitimise the perpetuation of arbitrary debt targets and their usual corollary: budget cuts, under-financing of public services and unfair structural reforms weakening social protection and workers' rights;

Or. en

Amendment 200

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12 b. Stresses that, without an ambitious policy response, expenditure pressures would place public debt on an unsustainable trajectory; notes that, over a 15-year horizon and in the absence of growth-enhancing reforms, fiscal consolidation, or adjustments to public programmes, the debt of the average EU country would reach 130% of GDP by 2040, according to the IMF;

Or. en

Amendment 201

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 12 c (new)

Motion for a resolution

Amendment

12 c. Calls on the EU institutions and decision-makers to acknowledge the evidence that cuts to public spending have a contractionary impact on the economy and to reject this approach;

Or. en

Amendment 202

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 12 d (new)

Motion for a resolution

Amendment

12 d. Recalls that the IMF, long-time supporter of austerity and structural adjustments, acknowledges that fiscal consolidation is not effective, on average, at lowering debt-to-GDP ratios;

Or. en

Amendment 203

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12 b. Expresses concern that this year’s European Semester package is guided by the Competitiveness Compass rather than the Annual Sustainable Growth Survey, which traditionally outlines the Union’s economic, employment, and social priorities and anchors the Semester to a comprehensive vision of sustainable growth; calls on the Commission to take a holistic and multidimensional view on competitiveness that supports the people, the planet and the economy;

Or. en

Amendment 204

Markus Ferber

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Highlights that the European Semester is the key tool to coordinate economic and budgetary policies in the Member States, thereby safeguarding the macroeconomic stability of the Economic and Monetary Union; stresses that the European Semester must not be overburdened with competing objectives, but should keep a narrow focus on competitiveness and sound fiscal policies;

Or. en

Amendment 205

Dirk Gotink

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes the aim of the European Semester to promote competitiveness, stability, economic growth and security via CSRs; underlines that implementing the CSRs represents a key part of ensuring fiscal sustainability and addressing macroeconomic imbalances;

Or. en

Amendment 206

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes the Commission’s commitment to use the European Semester to promote competitiveness and the innovativeness of the economy;

Or. en

Amendment 207

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes the Commission’s commitment to use the European Semester to promote competitiveness;

Or. en

Amendment 208

Stefan Berger

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes that CSRs for each Member State contain a recommendation on fiscal policy, including fiscal-structural reforms, where relevant; further notes the Commission’s commitment to use the European Semester to promote competitiveness, sustainability and social fairness;

Or. en

Amendment 209

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes the Commission’s commitment to use the European Semester to promote competitiveness, economic growth, sustainability and equal opportunities, as well as to integrate the UN Sustainable Development Goals and the European Pillar of Social Rights into the European Semester to boost prosperity and employment; emphasises that the focus should be on cutting red tape, establishing a predictable regulatory environment that is conducive to entrepreneurship and private investment, and ensuring sustainable public finances that improve economic stability;

Or. es

Amendment 210

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes the Commission’s commitment to use the European Semester to promote competitiveness, sustainability and social fairness, as well as to integrate the UN Sustainable Development Goals and the European Pillar of Social Rights into the European Semester; considers that the Semester is a tool to foster and coordinate prudent macroeconomic policies rather than a single way to promote a variety of political goals;

Or. en

Amendment 211

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13 a. Expresses concern about the programmatic policy shift in this year’s cycle, which risks leading to the discontinuation of recommendations that were designed as multi-annual and long-term reform commitments related to the just transition of our economies and societies; underlines that discontinuing these recommendations would weaken the strategic consistency of the Semester and undermine Member States’ efforts to deliver on long-term goals; calls on the Commission to ensure that long-term transition priorities remain consistently reflected in the CSRs across cycles;

Or. en

Amendment 212

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13 a. Highlights the importance of CSRs as the cornerstone of European economic policy coordination; recalls that CSRs are policy actions that are also an integral part of the Medium Term Fiscal Structural plans, the National Recovery and Resilience plans and the announced National and Regional Partnership plans; notes that despite the inclusion of CSRs under these frameworks, 33% of CSRs show no or limited progress between 2019-2023;

Or. en

Amendment 213

Markus Ferber

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13 a. Notes that many Member States are suffering from structural challenges hindering their growth potential; highlights that tackling structural challenges is crucial for a sustainable recovery and continued growth, and that implementing reforms to address structural vulnerabilities is key to improve the ability to withstand and cope with existing challenges;

Or. en

Amendment 214

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13 a. Deplores that the Commission's CSRs in the framework of the European Semester made recurring requests for reductions in public spending, and that the Commission has specifically targeted pensions, healthcare provision, wage growth, job security and unemployment benefits;

Or. en

Amendment 215

Lídia Pereira

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13 a. Understands that the goal of sustainable public debt levels and a path to its structural reduction is essential to guarantee intergenerational fairness and sound public finances frameworks, allowing the mobilization of sustainable and future-driven public investment;

Or. en

Amendment 216

Markus Ferber

Motion for a resolution

Paragraph 13 b (new)

Motion for a resolution

Amendment

13 b. Stresses that the design and follow-up of CSRs should prioritise reforms that raise productivity and economic dynamism, including measures to boost labour force participation, reduce administrative burden, improve education and training systems, facilitate innovation, and reduce barriers to entrepreneurship; highlights that productivity-enhancing reforms that boosts the Union's potential output levels are of paramount importance to close the gap to other developed countries and lift the Union's economic performance to a higher trajectory;

Or. en

Amendment 217

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 13 b (new)

Motion for a resolution

Amendment

13 b. Notes that completing the remaining national structural reforms could, according to the IMF, provide a medium-term boost of up to 5% of GDP; stresses that completing the Single Market would also generate substantial growth gains; notes that, according to the IMF, the implementation of a selected set of reforms alone could increase EU GDP by at least 3% over the next ten years;

Or. en

Amendment 218

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 13 b (new)

Motion for a resolution

Amendment

13 b. Regrets that the Commission has engaged in significant overreach through the European Semester process when it comes to public policy areas that legally fall under the competence of the Member States under the TFEU, such as pensions and the provision of healthcare;

Or. en

Amendment 219

Markus Ferber

Motion for a resolution

Paragraph 13 c (new)

Motion for a resolution

Amendment

13 c. Stresses that effective employment policies must include improved labour market flexibility, reduced skills mismatches and better activation policies, particularly for young people, older workers and women; calls on Member States to address such priorities through ambitious structural reforms;

Or. en

Amendment 220

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Recalls the role of CSRs in coordinating EU priorities; notes the lack of progress in the effective implementation of the CSRs; calls on the Commission to rethink the way CSRs are developed and followed up; stresses that CSRs should be subject to stronger democratic oversight by the European Parliament; calls for the greater involvement of key stakeholders, such as social partners and civil society organisations, in the drawing up of CSRs;

14. Reiterates that the main objective of the European Semester should remain the coordination of budgetary and economic policies; notes the lack of progress in the effective implementation of the CSRs; underlines that the implementation rate could be higher if the Commission respected Member States’ competences when issuing CSRs; calls on the Commission in this regard to rethink the way CSRs are developed and followed up;

Or. en

Amendment 221

Stefan Berger

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Recalls the role of CSRs in coordinating EU priorities; notes the lack of progress in the effective implementation of the CSRs; calls on the Commission to rethink the way CSRs are developed and followed up; recalls its demand for less and more targeted CSRs and considers that over the years the situation has improved with this regard;

Or. en

Amendment 222

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Recalls the role of CSRs in coordinating EU priorities; notes the lack of progress in the effective implementation of the CSRs; calls on the Commission to rethink the way CSRs are developed and followed up; stresses that CSRs should should reflect more strongly national economic goals and priorities, as well as local economic specificities;

Or. en

Amendment 223

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Recalls the role of CSRs in coordinating EU priorities; regrets the lack of progress in the effective implementation of the CSRs; calls on the Commission to rethink the way CSRs are developed and followed up; considers that access to European funds should be linked to the extent to which CSRs are implemented;

Or. en

Amendment 224

Dirk Gotink

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

Or. en

Amendment 225

Markus Ferber

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

Or. en

Amendment 226

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Recalls the role of CSRs in coordinating EU priorities; calls on the Commission to rethink the way CSRs are developed and followed up; stresses that CSRs should be subject to stronger democratic oversight by the European Parliament; calls for the greater involvement of key stakeholders, such as social partners and civil society organisations, in the drawing up of CSRs;

Or. en

Amendment 227

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Recalls the role of CSRs in coordinating EU priorities and in promoting structural reforms that improve the competitiveness and sustainability of public finances; notes the lack of progress in the effective implementation of the CSRs in certain Member States, with some having failed in recent years to make progress on reforms to improve productivity, thereby undermining the credibility of the European Semester and the EU's ability to achieve common goals; calls on the Commission to rethink the way CSRs are developed and followed up and how their impact is assessed, so as to make them clearer, measurable and results-oriented; stresses that CSRs should be subject to stronger democratic oversight by the European Parliament; calls for the greater involvement of key stakeholders, such as social partners, private enterprise and civil society organisations, in the drawing up of CSRs to ensure that the recommendations take better account of the real needs of the economy and promote a climate conducive to investment and growth;

Or. es

Amendment 228

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

Or. en

Amendment 229

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 14 a (new)

Motion for a resolution

Amendment

14 a. Emphasizes that CSRs should be better focused by preserving their macroeconomic character, should always remain within the remit of EU competences and should never use double standards;

Or. en

Amendment 230

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 14 a (new)

Motion for a resolution

Amendment

14 a. Deplores that the majority of CSRs continue to focus on cuts to public services and social protection systems, while largely neglecting the revenue side;

Or. en

Amendment 231

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 14 b (new)

Motion for a resolution

Amendment

14 b. Regrets, in particular, the persistent absence of recommendations aimed at strengthening tax justice by increasing taxation on the wealthiest individuals and large corporations;

Or. en

Amendment 232

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Takes notes of the Commission’s intention to further reflect in the CSRs the actions that are instrumental to the savings and investments union, as announced in the Commission communication of 19 March 202510;

15. Welcomes the Commission’s ambition to further reflect in the CSRs the actions that are instrumental to the savings and investments union, as announced in the Commission communication of 19 March 202510; emphasises that the plan is essential to mobilising private capital at European level, making resource allocation more efficient and reducing the barriers that leave the Union’s financial markets fragmented at present; emphasises that a true savings and investments union should promote productive investment, support innovation and improve the competitiveness of European businesses, particularly SMEs; stresses that, in order to complete the savings and investments union, Member States must act with ambition in the Council, unblocking the situation and moving forward with reforms that increase legal certainty, simplify the regulatory environment and encourage private savings; recalls that this is a prerequisite for ensuring that investment flows finance economic growth effectively;

_________________

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

Or. es

Amendment 233

Markus Ferber

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Welcomes the Commission’s intention to further reflect in the CSRs the actions that are instrumental to the savings and investments union, as announced in the Commission communication of 19 March 202510 ;

_________________

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

Or. en

Amendment 234

Dirk Gotink

Motion for a resolution

Paragraph 15 a (new)

Motion for a resolution

Amendment

15 a. Stresses, in particular, the need for Member States to further develop supplementary pensions sectors to complement existing national public pension schemes; underlines that developed supplementary pensions sectors can release pressure from national budgets, contribute to economic stability, provide citizens with better income during retirement and help develop capital markets; calls on the Commission to specifically reflect the development of supplementary pensions in the CSRs, including auto-enrolment and pension tracking dashboards;

Or. en

Amendment 235

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 15 a (new)

Motion for a resolution

Amendment

15 a. Highlights the importance of the CSRs in tackling the longer-term drivers of fiscal sustainability, including the sustainability and proper provision of public pension systems, healthcare and long-term care systems in the face of demographic challenges such as ageing populations, and preparedness for adverse developments, including climate-change-related physical risks;

Or. en

Amendment 236

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Notes that CSRs are set to play a greater role in the next multiannual financial framework for guiding investment and reform at national and regional levels; is of the opinion that the selection of reforms and investments should be guided by their effectiveness in addressing the relevant CSRs for achieving a just transition towards a green economy; underlines that this process must be accompanied by stronger democratic scrutiny;

deleted

Or. en

Amendment 237

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Notes that CSRs could play a greater role in the next multiannual financial framework for guiding investment and reform at national and regional levels; is of the opinion that the selection of reforms and investments should strongly reflect national economic goals and priorities, as well as local economic specificities;

Or. en

Amendment 238

Markus Ferber

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Notes that CSRs are set to play a greater role in the next multiannual financial framework for guiding investment and reform at national and regional levels; is of the opinion that the selection of reforms and investments should be guided by their effectiveness in addressing the relevant CSRs for achieving a more competitive European economy and more fiscal sustainability;

Or. en

Amendment 239

Stefan Berger

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Notes that CSRs are set to play a greater role in the next multiannual financial framework for guiding investment and reform at national and regional levels; is of the opinion that the selection of reforms and investments should be guided by their effectiveness in addressing the relevant CSRs; underlines that this process must be accompanied by stonger ownership by Member States;

Or. en

Amendment 240

Dirk Gotink

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Notes that CSRs are set to play a greater role in the next multiannual financial framework for guiding investment and reform at national and regional levels; underlines that this process must be accompanied by stronger democratic scrutiny;

Or. en

Amendment 241

Ivars Ijabs, Katri Kulmuni, Anouk Van Brug, Engin Eroglu, Gilles Boyer

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Notes that CSRs are set to play a greater role in the next multiannual financial framework for guiding investment and reform at national and regional levels; is of the opinion that the selection of reforms and investments should be guided by their effectiveness in addressing the relevant CSRs for achieving a just transition towards a green and competitive economy; underlines that this process must be accompanied by stronger democratic scrutiny;

Or. en

Amendment 242

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Notes that CSRs are set to play a greater role in the next multiannual financial framework for guiding investment and reform at national and regional levels; is of the opinion that the selection of reforms and investments should be guided by their effectiveness in addressing the relevant CSRs for achieving a just transition towards a green and just economy; underlines that this process must be accompanied by stronger democratic scrutiny;

Or. en

Amendment 243

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 16 a (new)

Motion for a resolution

Amendment

16 a. Takes note that the Commission proposes to channel a significant part of the funding under the next MFF through National and Regional Partnership Plans (NRPPs) for investment and reforms and identifies the European Semester as the main reference framework; notes that, the Commission envisages that the NRPPs submitted by Member States should effectively address all, or at least a significant subset, of the challenges identified in the context of the European Semester; calls on the Commission to clarify this link and to explain the implications this approach will have for the development, implementation and legal nature of the CSRs;

Or. en

Amendment 244

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 16 b (new)

Motion for a resolution

Amendment

16 b. Stresses that the growing importance and potentially more binding character of the CSRs, when linked to the NRPPs, constitute a significant increase in the Commission’s discretionary power; draws attention to the fact that there is currently no transparent or traceable methodology for developing and selecting CSRs, nor clarity on why some are proposed and others not, which raises concerns regarding accountability and equal treatment of Member States; calls on the Commission to clarify the underlying procedures and selection criteria, to specify the internal decision-making process, to indicate which Directorates-Generals are involved, and to transmit this information to the European Parliament; underlines that any overall increase in the discretionary power of the Commission must be accompanied by corresponding accountability mechanisms and a substantial improvement in the flow of information towards the European Parliament;

Or. en

Amendment 245

Markus Ferber

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies;

17. Welcomes that the 2025 CSRs focus more on competitiveness and simplification; calls on the Commission to maintain that focus going forward;

Or. en

Amendment 246

Dirk Gotink

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies;

17. Applauds that the 2025 CSRs focus more on competitiveness and simplification;

Or. en

Amendment 247

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies;

17. Welcomes that the 2025 CSRs focus more on competitiveness and simplification;

Or. en

Amendment 248

Stefan Berger

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies;

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; further notes that the 2026 CSRs will build on the comprehensive set of CSRs addressed to Member States in 2025 and remain focused on the delivery of the priorities identified in the Competitiveness Compass;

Or. en

Amendment 249

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies;

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; highlights the fact that economic and budgetary coordination is much more interconnected with these objectives than with social and climate policies, which are mainly Member State’s competences;

Or. en

Amendment 250

Ivars Ijabs, Katri Kulmuni, Anouk Van Brug, Engin Eroglu, Gilles Boyer

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies;

17. Notes that the 2025 CSRs focus more on competitiveness and simplification, while also highlighting the need to boost scientific excellence, research and innovation, as well as technology development as key drivers of long-term productivity and resilience;

Or. en

Amendment 251

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies;

17. Notes that the 2025 CSRs focus more on competitiveness and simplification;

Or. es

Amendment 252

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies;

17. Notes that the 2025 CSRs focus more on competitiveness and simplification;

Or. en

Amendment 253

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies;

17. Notes that the 2025 CSRs focus more on competitiveness and simplification; regrets the fact that fewer CSRs are dedicated to social and climate policies; welcomes that for a number of Member States, the CSRs include a recommendation to phase-out fossil-fuel subsidies; underlines that all Member States must terminate urgently all fossil-fuel subsidies; calls on the Commission to systematically include recommendations to Member States to phase-out fossil-fuel subsidies;

Or. en

Amendment 254

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17 a. Expresses strong concern about the Commission’s proposal to condition access to significant funding under the National and Regional Partnership plans (NRPPs) and the European Competitiveness Fund (ECF) on the fulfilment of CSRs; recalls that similar conditionality in the context of the RRF has demonstrated serious shortcomings, including inconsistencies in the assessment of national reforms, politicisation of the process, and insufficient accountability; stresses that replicating this approach risks undermining the credibility, ownership, and effectiveness of both the European Semester and future EU funding; firmly opposes any extension of CSR-linked conditionality without a comprehensive and transparent review of past failures;

Or. en

Amendment 255

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17 a. Notes that the Commission considers that the Euro Area Recommendation is first and foremost a steering tool for Eurogroup discussions; invites, however, the Commission to follow-up on Euro Area recommendations, including by taking them into consideration when elaborating CSRs; regrets that this year the Commission has not published an overview of the implementation of Euro Area recommendations, as it used to do as part of the Euro Area report; is concerned that this year recommendations do not directly include any climate-change related recommendation;

Or. en

Amendment 256

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17 a. Notes persistently low implementation rates of tax-related CSRs, in particular due to their lack of specificity and operational guidance; stresses that weak enforcement in tax administration and in the fight against tax evasion and avoidance undermines fiscal sustainability and contributes to macroeconomic imbalances; calls on the Commission to ensure that tax-related CSRs are more targeted, actionable and prioritised according to their expected economic and social impact;

Or. en

Amendment 257

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 17 b (new)

Motion for a resolution

Amendment

17 b. Calls on the Commission to ensure that the CSRs adequately reflect speculative pressures and structural supply constraints in the housing market; calls on Member States to act on these recommendations, in order to improve housing affordability and support a more efficient and balanced allocation of capital;

Or. en

Amendment 258

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 17 b (new)

Motion for a resolution

Amendment

17 b. Calls for a more thorough screening via the European Semester and subsequent CSRs, of the level of taxes and duties in Member States on labour, wealth, pollutions and consumption to ensure more coordination, upward social convergence and avoid tax competition;

Or. en

Amendment 259

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Draghi report forcefully demonstrated the need to increase public and private investment to boost EU competitiveness;

18. Recalls that for many years, the EU economy has been falling further and further behind the strongest players, including the USA; stresses the need to increase public and private investment to boost EU competitiveness; notes that this requires many changes in EU law in a direction favorable to business;

Or. en

Amendment 260

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Draghi report forcefully demonstrated the need to increase public and private investment to boost EU competitiveness;

18. Recalls that the Draghi report pointed out the need to prioritise increased private investment to catalyse public investment, reducing dependence on the latter and boosting EU competitiveness;

Or. es

Amendment 261

Markus Ferber

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Draghi report forcefully demonstrated the need to increase public and private investment to boost EU competitiveness;

18. Recalls that the Draghi report forcefully demonstrated the need to pursue ambitious reforms and increase investment to boost EU competitiveness;

Or. en

Amendment 262

Dirk Gotink

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Draghi report forcefully demonstrated the need to increase public and private investment to boost EU competitiveness;

18. Recalls that the Draghi report forcefully demonstrated the need to increase investment to boost EU competitiveness; emphasizes the need to restrict public support to only highly necessary corrections in the economy; stresses that investments in the EU’s innovation and competitiveness should in the first place come from the mobilisation of private investments; underlines the effectiveness of programmes like InvestEU, in which public funds are efficiently used as budget guarantees to mobilise private investments into riskier projects and sectors;

Or. en

Amendment 263

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Draghi report forcefully demonstrated the need to increase public and private investment to boost EU competitiveness;

18. Recalls that the Draghi report forcefully demonstrated the need to increase investment to boost EU competitiveness; underlines that investment should primarily come from a vibrant and innovative private sector, supported by a predictable regulatory environment and well-functioning capital market; emphasises that EU and national public funds should play a complementary and catalytic role, rather than substituting private investment or creating long-term dependency on public financing;

Or. en

Amendment 264

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Draghi report forcefully demonstrated the need to increase public and private investment to boost EU competitiveness;

18. Recalls that the Draghi report forcefully demonstrated the need to increase public and private investment to boost EU competitiveness; notes that some Member States have been increasing their public investment expenditure due to better performance of their public finances, while other Member States have barely supported public investment due to narrow fiscal margins; laments that, because of this heterogeneity, there is a gap of 4,8 p.p. of GDP in public investment accross Member States in 2025;

Or. en

Amendment 265

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Draghi report forcefully demonstrated the need to increase public and private investment to boost EU competitiveness;

18. Recalls that the Draghi report forcefully demonstrated the need to increase public and private investment to boost EU competitiveness; recalls that investments in renewables and energy efficiency are crucial to preserve the EU strategic autonomy by making the EU independent from imported fossil fuel and limiting inflation driven by energy prices;

Or. en

Amendment 266

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 18 a (new)

Motion for a resolution

Amendment

18 a. Recalls that fiscal rules have in the past incentivized governments of Member States to carry out fiscal adjustments detrimental to long-term investments, contributing to a drop in total public investment as a share of GDP during the decade 2011-2020 following the financial crisis; stresses that public investment is crucial to guarantee a high level of citizens’ well-being, address existing and new social needs and foster the transition to a fair and sustainable economy; notes that the additional investments needed for the decarbonisation of the economy and in social infrastructures such as health, education, social housing amount at EU level to at least 520 billion euros and 142 billion euros per year respectively1a, the majority of which should come from public sources to support a fair and democratic transition; regrets that the revised economic governance framework not only fails to incentivize such public investment but also hinders it;

_________________

1a According to the European Environment Agency and the European Investment Bank

Or. en

Amendment 267

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 18 a (new)

Motion for a resolution

Amendment

18 a. Recalls that according to the Commission’s 2026 European Macroeconomic Report sustained investment in education, training and lifelong learning is essential for Europe’s long-term competitiveness and economic development; calls on Member States to prioritise education as a key driver of productivity and growth; recalls that social investment policies can have significant positive effects on economic growth, productivity and competitiveness, thus also supporting fiscal sustainability while fostering upward social convergence;

Or. en

Amendment 268

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 18 a (new)

Motion for a resolution

Amendment

18 a. Recalls that, according to the Draghi Report, most of productive investments must be undertaken by the private sector, while public spending should play a catalysing role; stresses the importance of completing the Single Market and the Savings and Investments Union to mobilize European savings into productive investments within the EU;

Or. en

Amendment 269

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 18 b (new)

Motion for a resolution

Amendment

18 b. Points out that, according to the Commission’s 2026 European Macroeconomic Report, green investment in infrastructure and the energy sector is expected to strengthen the Union’s energy independence, reduce reliance on fossil fuels, and lower energy costs; notes that the global shift to renewables is making clean energy both environmentally and economically advantageous, with solar and wind often being the cheapest sources of new electricity in many regions, thereby contributing to Europe’s competitiveness and sovereignty;

Or. en

Amendment 270

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 18 b (new)

Motion for a resolution

Amendment

18 b. Recalls that failure to mitigate and adapt to climate change fast enough resulting from under-investment or delayed investments will not only have catastrophic human consequences but will also be much more costly in sheer economic terms, hence contradicting the very purpose of the fiscal rules which is to support sound public finances;

Or. en

Amendment 271

Manon Aubry, Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 18 c (new)

Motion for a resolution

Amendment

18 c. Believes that instead of promoting harmful budgetary cuts and structural reforms in order to reach the debt and deficit targets prescribed by the Stability and Growth Pact, the EU economic governance framework should favour and facilitate the collection at both Member States and EU levels of additional resources through fair taxation in particular taxes on the wealthiest and multinational companies, taxes on ecologically harmful products and services, the removal of ineffective and unfair tax and social contributions exemptions, and the fight against tax dodging and tax evasion of wealthy individuals and multinational companies;

Or. en

Amendment 272

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 18 c (new)

Motion for a resolution

Amendment

18 c. Stresses that all instruments and tools should be explored in order to provide the Union with the necessary resources;

Or. en

Amendment 273

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 18 d (new)

Motion for a resolution

Amendment

18 d. Highlights, for example, that the €40 billion in budgetary cuts proposed by the French government for the 2026 budget is less than the annual cost of tax allowances granted to wealthy individuals and multinational corporations by the French government since 2017;

Or. en

Amendment 274

Markus Ferber

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

deleted

Or. en

Amendment 275

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

deleted

Or. en

Amendment 276

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

deleted

Or. en

Amendment 277

Dirk Gotink

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

19. Calls for the EU budget and the MFF to remain proportionate in size and to maximise the impact of every euro in support of EU priorities; notes the currently limited spending capacity of Member States’s governments, prompting the need for effective and proportionate spending at EU level;

Or. en

Amendment 278

Ivars Ijabs, Anouk Van Brug, Gilles Boyer

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

19. Welcomes the establishment of EU-wide investment capacities and supports the creation of the European Competitiveness Fund;

Or. en

Amendment 279

Stefan Berger

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

19. Calls for the mobilisation of private funding and leveraging of public funds as part of the next MFF to maintain the EU’s capacity to make the necessary investments;

Or. en

Amendment 280

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

19. Believes that the EU economic governance framework, where appropriate, should be strengthened by EU-level investment instruments and tools designed to minimise the cost for EU taxpayers and maximise efficiency in the provision of European public goods; notes that the development of an EU safe asset as a benchmark would strengthen financial markets;

Or. en

Amendment 281

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

19. Notes that joint borrowing presents a viable option to ensure that the Union has sufficient resources to respond to Union-wide crises, such as the ongoing crisis in the area of security and defence; calls on the Council to adopt new own resources as a matter of urgency, considering that they are essential to meet the Union’s higher spending and investment needs; calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments; urges the Commission and the Member States to present a strategy to meet investment needs beyond 2026, especially in light of the termination of the RRF and its vital and proven contribution to the positive investment dynamics in the EU;

Or. en

Amendment 282

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments without increasing taxes or debt levels; stresses that those capacities must focus on improving competitiveness, innovation and Europe's industrial resilience, and must be designed in a manner that mobilises private capital, removes barriers to the single market, improves regulatory efficiency and ensures public resources are used responsibly; recalls, furthermore, that the lack of fiscal stability and structural reforms in some Member States reduces the effectiveness of European investment by generating uncertainty and making it more difficult to attract productive investment;

Or. es

Amendment 283

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments;

19. Calls for the establishment of other EU-wide investment capacities to maintain the EU’s capacity to make the necessary investments for a just transition towards a green economy;

Or. en

Amendment 284

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 19 a (new)

Motion for a resolution

Amendment

19 a. Notes that Europe’s high level of private savings provides a strong basis to finance its economic and social priorities; notes, however, that according to the Commission’s 2026 European Macroeconomic Report a large share of these savings is invested abroad, creating vulnerabilities to external developments and limiting the resources available for investment within the Union; stresses that, among others, fragmented financial markets and structural barriers prevent domestic savings from supporting economically and socially beneficial productive investment, quality jobs and strategic industrial capacities; underlines the need to deepen European capital markets while ensuring the highest standards of consumer protection;

Or. en

Amendment 285

Lídia Pereira

Motion for a resolution

Paragraph 19 a (new)

Motion for a resolution

Amendment

19 a. Supports the establishment of the European Competitiveness Fund and the Scaleup Europe Fund as soon as possible to tackle the urgent need to mobilise investment, namely in research & development or innovation;

Or. en

Amendment 286

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

deleted

Or. en

Amendment 287

Enikő Győri, Paolo Borchia

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Notes that the Security Action For Europe (SAFE) instrument establishes a loan facility of EUR 150 billion to support Member States’ investments in defence;

Or. en

Amendment 288

Stefan Berger

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Notes that the evolving geopolitical environment requires even more unity and solidarity among the Member States especially when taking into account security concerns of the Union and its Member States; supports the efforts made by the Commission to move towards a more coordinated approach to defence;

Or. en

Amendment 289

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Notes that the evolving geopolitical environment requires even more unity and solidarity among the Member States; notes the efforts made by the Commission to move towards a more coordinated approach to defence and emphasises that such an approach must take into account the individual defence needs of Member States; notes that the Security Action For Europe (SAFE) instrument establishes a loan facility of EUR 150 billion to support Member States’ investments in defence; regrets, however, the fact that the SAFE instrument was based on Article 122 TFEU, limiting parliamentary oversight;

Or. en

Amendment 290

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Notes that the evolving geopolitical environment requires even more unity and solidarity among the Member States; supports the efforts made by the Commission to move towards a more coordinated approach to defence; notes that the Security Action For Europe (SAFE) instrument establishes a loan facility of EUR 150 billion to support Member States’ investments in defence; regrets, however, the fact that the SAFE instrument was based on Article 122 TFEU, limiting parliamentary oversight; welcomes the fact that the net expenditure indicator excludes all national co-financing in EU-funded programmes, providing increased fiscal space for Member States to invest in the EU’s common priorities, as laid down in Regulation (EU) 2024/1263, thus helping to strengthen synergies between the EU and national budgets, thereby reducing fragmentation and increasing the overall efficiency of public spending in some areas, such as defence;

Or. en

Amendment 291

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Notes that the evolving geopolitical environment requires even more unity and solidarity among the Member States; supports the efforts made by the Commission to move towards a more coordinated approach to defence; notes that the Security Action For Europe (SAFE) instrument establishes a loan facility of EUR 150 billion to support Member States’ investments in defence; regrets, however, the fact that the SAFE instrument was based on Article 122 TFEU, limiting parliamentary oversight; stresses that Member States’ commitment to increase defence spending, should not come at the expense of the other EU common priorities, in particular investments in green and social infrastructures;

Or. en

Amendment 292

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq, Evelyn Regner

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Notes that the evolving geopolitical environment requires even more unity and solidarity among the Member States; considers that strengthening Europe’s security by reducing strategic dependencies remains essential to safeguarding the Union’s long-term resilience; supports the efforts made by the Commission to move towards a more coordinated approach to defence; notes that the Security Action For Europe (SAFE) instrument establishes a loan facility of EUR 150 billion to support Member States’ investments in defence; regrets, however, the fact that the SAFE instrument was based on Article 122 TFEU, limiting parliamentary oversight;

Or. en

Amendment 293

Isabel Benjumea Benjumea, Fernando Navarrete Rojas

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Notes that the evolving geopolitical environment requires even more unity and solidarity, as well as more efficient management of public resources, among the Member States; supports the efforts made by the Commission to move towards a more coordinated approach to defence; notes that the Security Action For Europe (SAFE) instrument establishes a loan facility of EUR 150 billion to support Member States’ investments in defence; regrets, however, the fact that the SAFE instrument was based on Article 122 TFEU, limiting parliamentary oversight;

Or. es

Amendment 294

Thomas Bajada

Motion for a resolution

Paragraph 20 a (new)

Motion for a resolution

Amendment

20 a. Calls for EU action in the field of defence to be undertaken without prejudice to the specific character of the security and defence policy of certain Member States, especially those adhering to a neutrality status;

Or. en

Amendment 295

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Takes note of the limited application of the national escape clause under the Stability and Growth Pact for defence-related expenditure; recalls the ECB findings that full utilisation of the NEC would initially worsen debt dynamics, particularly for high-debt countries, effectively shifting significant fiscal adjustment from the first planning period to the second period starting in 2029;

Or. en

Amendment 296

Ivars Ijabs, Katri Kulmuni, Anouk Van Brug, Gilles Boyer

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Calls for the Member States to ensure a sustainable and robust increase in defence-readiness expenditure in light of the external threats facing the EU, including, where appropriate, the use of the national escape clause for defence-related spending;

Or. en

Amendment 297

Stefan Berger

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Notes that 16 Member States have activated the national escape clause for defence spending; underlines that it provides Member States with flexibility to increase defence expenditure, without an immediate need to finance such increase with spending cuts or revenue-raising measures; notes that this flexibility thus gives Member States the necessary time to accommodate higher defence expenditure within national budgets;

Or. en

Amendment 298

Markus Ferber

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Notes that the EU's fiscal framework accommodates the necessary increase in defence expenditure via the activation of the national escape clauses for a limited time; notes that 16 Member States have activated the national escape clause for defence spending;

Or. en

Amendment 299

Dirk Gotink

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Notes that 16 Member States have activated the national escape clause for defence spending; expresses concern about the application of the national escape clause and the already high levels of national debt in some Member States; notes that some Member States have refrained from applying to the national escape clause out of concern of the financial markets’ reaction; considers that investments in defence and flexibility in the application of the rules under the Stability and Growth Pact should always go hand-in-hand with budgetary discipline and sustainable public debt;

Or. en

Amendment 300

Enikő Győri, Paolo Borchia, Jorge Martín Frías, Pierre Pimpie, Tomáš Kubín, Jaroslava Pokorná Jermanová

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Notes that 16 Member States have activated the national escape clause for defence spending;

Or. en

Amendment 301

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Notes that only 16 Member States have activated the national escape clause for defence spending; underlines that several large Member States such as France, Italy or Spain have not activated this flexibility; considers that the design of the clause was not suited for Member States under excessive deficit procedures; highlights that the partial participation significantly reduces the projected additional defence expenditure from EUR 650 billion to approximately EUR 297-337 billion; considers that the additional flexibility should have been limited to defence investments only rather than also covering defence current expenditures which do not generate growth and are therefore not self-financing;

Or. en

Amendment 302

Manon Aubry

on behalf of The Left Group

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Notes that only 16 Member States have activated the national escape clause for defence spending; stresses that the use of escape clauses should not be limited to defence spending; considers that external and temporary shocks can occur in a variety of policy areas, and sees no justification for limiting the use of escape clauses to a single domain; highlights that this could notably apply to major public health crises, ecological disasters or other systemic emergencies requiring exceptional and rapid public investment;

Or. en

Amendment 303

Marlena Maląg

on behalf of the ECR Group

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Notes that only 16 Member States have activated the national escape clause for defence spending; points out that one of the main reason for this is the fear of overly indebted countries about an unfavorable market reaction, which may result in an increase in the cost of debt;

Or. en

Amendment 304

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Claire Fita, Aurore Lalucq

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that only 16 Member States have activated the national escape clause for defence spending;

21. Notes that only 16 Member States have activated the national escape clause for defence spending, leading to a downward revision of projected additional defence expenditure as well as of the macroeconomic effect of the 'ReArm Europe’ plan;

Or. en

Amendment 305

Matthias Ecke, René Repasi, Jonás Fernández, César Luena, Evelyn Regner, Thomas Bajada

Motion for a resolution

Paragraph 21 a (new)

Motion for a resolution

Amendment

21 a. Calls on Member States to take into account the potential fiscal implications of activating the national escape clause and increasing defence expenditure; notes that the economic effects on growth of defence spending are uncertain and often limited, especially when compared to other public investments such as infrastructure, research or education, that deliver stronger and more sustained growth effects; stresses that structurally higher defence spending must be matched by additional revenue;

Or. en

Amendment 306

Markus Ferber

Motion for a resolution

Paragraph 21 a (new)

Motion for a resolution

Amendment

21 a. Underlines that fiscal flexibility, including in the context of increased defence spending, must remain targeted and temporary, and be accompanied by clear commitments to restore sound public finances;

Or. en

Amendment 307

Ivars Ijabs, Katri Kulmuni, Gilles Boyer

Motion for a resolution

Paragraph 21 a (new)

Motion for a resolution

Amendment

21 a. Welcomes the Commission’s decision to allow the Member States to activate the national escape clause for defence-related spending, thus boosting the defence capabilities across the Union;

Or. en

Amendment 308

Stefan Berger

Motion for a resolution

Paragraph 21 a (new)

Motion for a resolution

Amendment

21 a. Notes that the Commission will assess the existence of macroeconomic imbalances for the seven Member States selected for in-depth reviews (IDRs) in its 2025 Alert Mechanism Report;

Or. en

Amendment 309

Markus Ferber

Motion for a resolution

Paragraph 21 b (new)

Motion for a resolution

Amendment

21 b. Cautions that defence spending is consumptive investment in nature and does not per se increase an economy's potential output; considers that defence spending should therefore not be financed by increased debt issuance in the long term; calls on Member States to find sustainable solutions to finance alleviated levels of defence spending beyond the immediate security crisis;

Or. en

Amendment 310

Ivars Ijabs, Katri Kulmuni, Gilles Boyer, Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 21 b (new)

Motion for a resolution

Amendment

21 b. Stresses the importance of increasing coherence and cooperation in defence investment across Member States, particularly as regards strategic enablers or strategic weapon systems that are too expensive for individual Member States, in light of the pressing need to scale up the European defence sector and ensure long-term security and strategic autonomy;

Or. en

Amendment 311

Stefan Berger

Motion for a resolution

Paragraph 21 b (new)

Motion for a resolution

Amendment

21 b. Is concerned that nine Member Staes are currently under an Excessive Deficit Procedure; calls on those Member States to ensure that their public finances are in order to exit the Excessive Deficit Procedure as soon as possible;

Or. en

Amendment 312

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Recalls that the Commission has never launched an excessive imbalance procedure, despite the fact that some Member States have recurrent current account imbalances;

22. Recalls that the Commission has never launched an excessive imbalance procedure, despite the fact that some Member States have recurrent current account imbalances; regrets that MIP indicators remain short-sighted and asymmetrical with regard to over- and undershooting target values, geared towards a one sided promotion of international cost competitiveness instead of reducing intra-euro area imbalances; recalls that high account surplus create negative spill-over effects contributing to unsustainable indebtedness of partner countries;

Or. en

Amendment 313

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 22 a (new)

Motion for a resolution

Amendment

22 a. Further deplores that the Commission’s 2025 revision of the MIP scoreboard substantially downgrades social indicators as the long term unemployment rate and the youth unemployment rates are no longer considered headlines indicators, despite their relevance to identify and address specific market labour challenges and adopt adequate public policies; is alarmed that the upper thresholds for nominal labor cousts increases allow for minimal real wage increases even when inflation operates at its target;

Or. en