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DRAFT REPORT (2024/2116(INI))

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

ECON-PR-770112

Committee on Economic and Monetary Affairs · Rapporteur: Aurore Lalucq

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✦ In short · AI summary of this text, generated 4 Sept 2026

Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

This draft report addresses financing investments and reforms to boost EU competitiveness and create a Capital Markets Union. It calls for mobilising private and public investment, integrating capital markets, and supporting defence and green transitions. It urges the Commission to develop proposals for an EU-wide capital market, direct ESMA supervision, repatriating clearing, and channelling savings into productive investments via an EU savings account or label. It recommends assessing an EU safe asset, creating a defence instrument under the ESM, adapting EIB lending, and establishing an economic intelligence unit.

Committee position. The rapporteur proposes a resolution calling for a comprehensive strategy to finance investments and reforms, including integrating capital markets, mobilising savings, and increasing public investment for defence and green transition.

Key points

  1. Calls for mobilising all financial resources to strengthen EU security, industrial and technological sovereignty, sustain the green transition, create quality jobs, and support social convergence.
  2. Regrets that EU entrepreneurs relocate for finance and scale up abroad; calls for action to prevent this.
  3. Emphasises focusing public resources on public services and infrastructure while catalysing private investment in innovative and clean industries.
  4. Calls on the Commission and member states to develop solutions for an EU-wide capital market with sufficient size, liquidity, depth, and transparency.
  5. Supports granting ESMA direct supervisory powers over pan-European market infrastructures and urges repatriating clearing activities to the EU.
  6. Calls for relying more on regulations than directives to limit fragmentation and for aligning member states' legislative frameworks.
  7. Calls on the Commission to explore an EU investment savings account or label for simple, low-cost investment products, including for sustainable EU investments.
  8. Asks the future EU Start-Up and Scale-Up Strategy to include a finance chapter to prevent relocation of growing companies.
  9. Calls for prioritising a CMU agenda that sustains financial stability, favours venture capital and equity, and reduces over-reliance on bank lending.
  10. Recommends the Commission assess EU-level safe assets and publish a report to inform the design of an EU safe asset.
  11. Welcomes the proposed EUR 150 billion defence instrument under ReArm Europe and calls for a dedicated ESM instrument.
  12. Encourages the EIB to support higher-risk investments and calls for an economic intelligence unit to identify industrial needs and financing recommendations.

Who is affected

  • EU-based entrepreneurs and start-ups seeking finance; the report aims to ease their access to capital and prevent relocation.
  • Retail investors; the report proposes an EU savings account or label for simple investment products.
  • European Securities and Markets Authority (ESMA); would gain direct supervisory powers over pan-European market infrastructures.
  • European Investment Bank Group; encouraged to adapt lending policy for higher-risk investments.
  • European Stability Mechanism; called on to set up a dedicated instrument for defence needs.

Figures and deadlines

  • EUR 750 to 800 billion additional annual investment required to restore EU productivity and meet environmental and social objectives.
  • EU household savings in 2022 were EUR 1 390 billion compared with EUR 840 billion in the US.
  • EU households held 31.01 % of savings (EUR 11.63 trillion) in currency and deposits, 36 % (EUR 13.42 trillion) in equity and funds, and 27 % (EUR 10.06 trillion) in insurance and pensions.
  • Close to 30 % of 'unicorns' relocated their headquarters abroad between 2008 and 2021.
  • Research and development spending was 2.1 % of GDP in the EU in 2021, 3.5 % in the US, and 2.4 % in China.
  • Up to EUR 150 billion proposed for a new financial instrument to boost EU defence capabilities.