MEPs keep up momentum for Draghi report 

The text, adopted in plenary with 407 votes in favour, 161 votes against and 97 abstentions after having been debated on Monday, follows up on the Draghi report and seeks to maintain pressure towards reaching the objectives of that report. The text warns that if no further actions are taken, Europe will continue lagging behind, and risk becoming irrelevant, particularly within the current context of geopolitical instability . It also says that there is an intrinsic link between the rule of law, and sustainable and competitive economic growth.

Mobilising private investment and easing access to finance

Specifically, MEPs call for concrete measures to make financing more available and affordable, especially for SMEs and innovative ventures. To do this they want, among other things, larger venture capital and growth funds, financed in part through transforming personal savings into investments. This should be coupled with an EU strategy for financial literacy, MEPs say.

The adopted text also calls for the rapid completion of the banking union, the capital markets union and the savings and investments union. MEPs also want a pan‑EU equity listing and trading environment to encourage start-ups to remain in Europe, and also call for a reform of corporate taxation.

Complementing private investment with public investment

MEPs also make the case that joint borrowing through the issuance of EU bonds presents a viable option to ensure that the EU has sufficient resources to respond to acute Union-wide crises and ask the Commission to advance the discussions on addressing the significant investment gaps in the EU and to present concrete proposals for financing solutions.

Quote of the rapporteur

After the vote the rapporteur, Aurore Lalucq (S&D, FR) said:
"A year ago, the Draghi report painted a bleak picture of our continent’s economic situation. The European Parliament has chosen to respond with this report, which sets out a path towards greater financial independence for the European Union in order to halt its economic and political decline.

It is now up to the Member States to build on the momentum initiated by Parliament by turning these recommendations, such as joint supervision or support for sustainable investment, into concrete action."