Changes between two versions
What changed between the plenary report and the adopted text
From · plenary report· 1 Jul 2025
on facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report)
To · adopted text· 10 Sept 2025
Investments and reforms for European competitiveness and the creation of a Capital Markets Union
AI:What changed, in short
Substantive changes: securitisation paragraph now references the Commission's review and removes rejection of weakening macroprudential rules.6 Defence paragraph 81 now includes the Defence Equity Facility text, and a new paragraph 82 is added with that content.78 Other changes are formal: decimal commas replaced with decimal points throughout.1234
3 changes of substance · 5 formal · 0 of wording only
Written by AI from the two texts only · read the changes before relying on it · 4 Sept 2026 · Report a problem
Changes to the text itself, in document order. Cover page, citations and punctuation-only edits are left out; they are under “Every difference”.
Changes of substance · 3
Change 6 Substance
AI summary:Replaces a general note on securitisation with a specific reference to the Commission's review and drops the rejection of weakening the macroprudential framework.
Show the text change (1 line)
Changed:70. Notes thatthe review of the securitisation canframework presented by the Commission on 17 June 2025, which could contribute to financial integration by bridging bank lending and capital markets; considers that action aimed at revitalising securitisation should focus on streamlining the regulatory requirements for disclosure and on simple, transparent and standardised criteria; rejects any proposal that would use securitisation to weaken the EU macroprudential framework andcriteria weakenwithout itshindering financial stability;
Change 7 Substance
AI summary:Drops paragraph 82 on the Defence Equity Facility from this position, merging it into paragraph 81.
Show the text change (1 line)
Changed:81. Believes that heightened defence needs due to geopolitical tensions require immediate mobilisation of financial support, without prejudice to the specific character of the security and defence policy of certain Member States, especially those adhering to a neutrality status; welcomes the Commission’s upcoming proposal for a new SAFE financial instrument of up to EUR 150 billion to boost EU defence capabilities as part of the ReArm Europe plan; regrets, however, that the Commission has chosen to base its legislative proposal on Article 122 TFEU, which excludes consultation of Parliament; recalls that the effective development of defence capabilities relies on joint investment at EU level, which ensures interoperability and generates efficiency gains, rather than depending primarily on fragmented national spending through the coordinated activation of national escape clauses to enable defence-related investments;82. Welcomes the joint initiative of the Commission and the EIB Group to set up a fund of funds called the ‘Defence Equity Facility’, with a budget of EUR 175 million for the period 2024-2027, to support private investment in European SMEs developing innovative dual-use defence technologies;investments;
Change 8 Substance
AI summary:Adds paragraph 82 welcoming the Defence Equity Facility with budget and period.
Show the text change (1 line)
Added:82. Welcomes the joint initiative of the Commission and the EIB Group to set up a fund of funds called the ‘Defence Equity Facility’, with a budget of EUR 175 million for the period 2024-2027, to support private investment in European SMEs developing innovative dual-use defence technologies;
5 formal changes: legal basis, citations, references, corrections
Change 1 Formal
AI summary:Replaces decimal commas with decimal points in percentages.
Show the text change (1 line)
Changed:A. whereas the Draghi report pointed out severe shortcomings with regard to the general competitiveness of the European economy and a lack of productivity growth, and suggested that the solution lies in attracting investment, including through unlocking private capital, with the creation of the savings and investments union; whereas the Draghi report estimated that a minimum of EUR 750 to 800 billion in additional annual investment is required to reignite sustainable growth, restore EU productivity, support competitiveness, foster innovation, support the EU’s energy transition, enhance its leadership in digital technology, deliver on the EU’s environmental and social objectives and increase defence and security, and reduce dependencies; whereas such an amount corresponded to 4.4-4.74,4-4,7 % of EU GDP in 2023;
Change 2 Formal
AI summary:Replaces decimal commas with decimal points in percentages and amounts.
Show the text change (1 line)
Changed:K. whereas EU households saved 14.7914,79 % of their disposable income (more than three times the US level of 4.74,7 %) and EU citizens held 31.0131,01 % of their savings (EUR 11.6311,63 trillion) in currency and deposits (compared with 12.112,1 % in the United States), which offer only limited returns; whereas they held 36 % (EUR 13.4213,42 trillion) in equity and investment fund shares (49.1%(49,1 % in the United States) and 27 % (EUR 10.0610,06 trillion) in insurance, pensions and standardised guarantees (27.5(27,5 % in the United States);
Change 3 Formal
AI summary:Replaces decimal comma with decimal point in percentage.
Show the text change (1 line)
Changed:O. whereas according to the Draghi report, between 2008 and 2021, 147 European ‘unicorns’ – start-ups that went on to be valued at or above USD 1 billion – were founded, of which 40 relocated their headquarters abroad, mainly to the United States; whereas the administrative burden of the Union is estimated at around EUR 150 billion (1.3(1,3 % of annual GDP), internal barriers are, according to the International Monetary Fund (IMF), presented as a 100 % tariff in the internal market and only 4 of the world’s top 50 tech companies are European;
Change 4 Formal
AI summary:Replaces decimal commas with decimal points in percentages.
Show the text change (1 line)
Changed:P. whereas research and development spending accounted for 2.22,2 % of GDP in the EU in 2023, but for 3.43,4 % in the United States and 2.6 % in China, while the 2000 Lisbon strategy set a research and development spending objective of 3 %; whereas of all the research and development expenditure within the EU, the private sector accounted for a share of 66 %, compared with 78 % in the United States and 77.777,7 % in China;
Change 5 Formal
AI summary:Replaces decimal commas with decimal points in percentages.
Show the text change (1 line)
Changed:Q. whereas according to the IMF, the remaining non-tariff barriers constraining intra-EU trade are estimated to be at a tariff level of around 45 % for the average manufacturing sector (three times the level estimated among US states) and at 110 % for the average services sector; whereas among reported barriers in the single market, small- and medium-sized enterprise (SMEs) highlighted VAT at 17%,17 %, market access at 12%,12 %, finance at 10%10 % and market requirements at 6%;6 %;