Changes from plenary report to adopted text

RemovedDRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

AddedP10_TA(2025)0296

Changedon the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasingIncreasing the efficiency of the EU guarantee under Regulationthe (EU)InvestEU 2021/523Regulation and simplifying reporting requirements

Removed(COM(2025)0084 – C100036/2025 – 2025/0040(COD))

AddedCommittee on Budgets, Committee on Economic and Monetary Affairs

AddedPE773.087

AddedEuropean Parliament legislative resolution of 26 November 2025 on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements (COM(2025)0084 – C10-0036/2025 – 2025/0040(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

– having regard to the Commission proposal to Parliament and the Council (COM(2025)0084),

Changed– having regard to Article 294(2) and Articles 172 and 173, Article 175, third paragraph, Article 182(1), Article 183, Article 188, second paragraph, and Articles 183 andArticle 194 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C100036/2025),

– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

– having regard to the opinion of the European Economic and Social Committee of 29 April 2025,

– after consulting the Committee of the Regions,

Added– having regard to the provisional agreement approved by the responsible committees under Rule 75(4) of its Rules of Procedure and the undertaking given by the Council representative by letter of 8 October 2025 to approve Parliament’s position, in accordance with Article 294(4) of the Treaty on the Functioning of the European Union,

▸7 unchanged paragraphs

– having regard to Rule 60 of its Rules of Procedure,

– having regard to the joint deliberations of the Committee on Budgets and the Committee on Economic and Monetary Affairs under Rule 59 of the Rules of Procedure,

– having regard to the opinions of the Committee on Industry, Research and Energy and of the Committee on Transport and Tourism,

– having regard to the report of the Committee on Budgets and the Committee on Economic and Monetary Affairs (A10-0117/2025),

1. Adopts its position at first reading hereinafter set out;

2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Change 1

RemovedAMENDMENTS BY THE EUROPEAN PARLIAMENT*

AddedP10_TC1-COD(2025)0040

Removedto the Commission proposal

AddedPosition of the European Parliament adopted at first reading on 26 November 2025 with a view to the adoption of Regulation (EU) 2025/… of the European Parliament and of the Council amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements

Removed---------------------------------------------------------

Added(As an agreement was reached between Parliament and Council, Parliament's position corresponds to the final legislative act, Regulation (EU) 2025/2005.)

Removed2025/0040 (COD)

RemovedProposal for a

RemovedREGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Removedamending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements

RemovedTHE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

RemovedHaving regard to the Treaty on the Functioning of the European Union, and in particular Article 172 and Article 173, Article 175, third paragraph, Article 182(1), Article 188, second paragraph, Article 183 and Article 194 thereof,

RemovedHaving regard to the proposal from the European Commission,

RemovedAfter transmission of the draft legislative act to the national parliaments,

RemovedHaving regard to the opinion of the European Economic and Social Committee of 29 April 2025,

RemovedAfter consulting the Committee of the Regions▌,

RemovedActing in accordance with the ordinary legislative procedure,

RemovedWhereas:

Removed(1) The Union faces massive financing needs to deliver on its objectives in the areas of innovation, the green and digital transition, and social investment and skills, while a complex backdrop affecting the Union’s competitiveness and industrial base characterised by changing global dynamics, slow economic growth, accelerated climate change and environmental degradation, technological competition and rising geopolitical tensions needs to be addressed. In that context, enhancing the Union’s autonomy, in particular in the area of energy, by supporting investments that strengthen a renewable-based and clean energy system, is essential to reduce dependencies and safeguard economic and political stability.

Removed(1a) Additionality and the leveraging effect of the EU guarantee are the foundation of both the EFSI and the InvestEU Programme, enabling especially the scaling up of new and innovative technologies and companies as well as de-risking investment for private investors. It is necessary for the European Parliament to have better oversight over the InvestEU Programme to ensure that the EU guarantee is used in accordance with the programme’s objectives, such as fostering sustainable growth and competitiveness, with genuine additionality compared to private investors.

Removed(2) The Draghi report assesses the combined additional investment needs in Europe at EUR 750-800 billion per year by 2030, with EUR 450 billion needed for the energy transition alone. This includes a substantial amount for the green and digital transition. Ensuring sufficient public and private investment is critical to boost productivity growth and achieve Union’s goals, leverage private investments with the objective to decarbonise industry, accelerate the production, storage and deployment of clean energy and electrification, strengthen interconnections and grids, advance sustainable and circular business models, foster sustainable building renovation, develop clean tech manufacturing as well as digital technologies and their diffusion across economic sectors.

Removed(2a) Europe is experiencing an acute housing crisis which consists in two market failures: a shortage of affordable and social housing, and a failure to bridge the energy efficiency gap, with 46 million Europeans living in energy poverty. According to an analysis by the EIB Group, an estimated annual investment of EUR 300 to 400 billion is needed for construction and renovation only. In that regard, the Commission is planning to present a first-ever European Affordable Housing Plan and is partnering with the EIB Group, national promotional banks and international financial institutions to develop a European investment platform for affordable and sustainable housing. Increasing the amount available under the social investment and skills policy window would allow greater support from InvestEU for that key priority. In particular, it is necessary for the Commission and implementing partners to enhance the visibility and accessibility of financing instruments in relation to housing. This would contribute to the implementation of the European Pillar of Social Rights.

Removed(2b) In the light of Russia’s war of aggression against Ukraine, increased national and European spending is required to enhance European defence capabilities and to support the European Defence Technological and Industrial Base (EDTIB). On 19 March 2025, the Commission and the High Representative of the Union for Foreign Affairs and Security Policy presented a White Paper for European Defence –Readiness 2030 containing a plan to significantly step up Europe’s spending on security and defence. InvestEU enables financing and investment operations to develop the Union defence industry and military mobility, including financial support to small and medium-sized enterprises (SMEs) and mid-caps. Increasing the amount available under the relevant windows would allow greater support from InvestEU for this key priority. In particular, it is necessary for the Commission and implementing partners to enhance the visibility and accessibility of financing instruments for SMEs, mid-caps, and start-ups in the defence supply chain.

Removed(2c) In 2024, the Commission launched, together with the European Investment Fund, an export credit guarantee facility under InvestEU with a view to encouraging Union SMEs to strengthen economic ties with Ukraine and revitalise trade, thereby contributing to Ukraine’s economic recovery and improving the competitiveness of SMEs. It is important that as many European export credit agencies as possible participate in this facility.

Removed(2d) The Letta and Draghi reports underline the importance of well-functioning transport networks and services to ensure a transition towards a green economy while strengthening the Union’s competitiveness. In that regard, massive strategic investments are needed to complete missing links and to modernise transport infrastructure, where major gaps exist in public and private financing.

Removed(3) The InvestEU Fund is the main EU-level tool to leverage public and private funding to support a broad range of Union policy priorities. Through its comprehensive network of implementing partners, including the European Investment Bank (EIB), the European Investment Fund (EIF), other international financial institutions and national promotional banks and institutions, the InvestEU Fund is delivering much-needed financing through its risk-sharing capacity. The InvestEU interim evaluation highlighted that budgetary guarantees are inherently efficient for the EU budget and confirmed that the programme is well on track to mobilise investment, with a notable expected impact on the real economy. However, approvals of financing and investment operation under InvestEU were heavily frontloaded, and as a result, if no action is taken to address the issue, new approvals for some financial products may cease after 2025.

Removed(4) The financial capacity of InvestEU Fund should be increased and used even more efficiently in combination with resources that will become available under the European Fund for Strategic Investments (EFSI) and other legacy instruments (CEF Debt Instrument and InnovFin Debt Facility) implemented by the EIB Group. These combinations potentially reduce the budget revenues from legacy instruments. However, they would also create the possibility for an increased volume of guarantee cover to be provided for strategic investments in key Union priority areas for an additional investment of around EUR 25 billion that can be expected to be mobilised and by leading to an increased diversification of risks and thus not substantially increasing the risks for the Union budget.

Removed(5) With the EUR 4,5 billion increase of the EU guarantee underpinned by ▌additional reflows of EUR 1,8 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 70 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them. The indicative distribution of the EU guarantee between the four policy windows should be increased proportionally to the increase of the EU guarantee.

Removed(5a) InvestEU advisory services play an important role in the development of a pipeline of projects. Those advisory services are particularly useful in complex areas, such as affordable social housing and defence. It would therefore be appropriate to use EUR 200 million in reflows to increase the amount made available for such services. Furthermore, it is necessary to enhance the interaction between the various components of the InvestEU Programme, in particular between the InvestEU Advisory Hub and the InvestEU Portal.

Removed(5b) The Commission estimates the amount of provisioning required to cover future life-time losses from the operations supported under the InvestEU Fund with a 95 % confidence level of the value at risk. Taking into account the positive experience with the InvestEU Programme to date and in order to maximise budgetary efficiency while preserving a suitable level of risk management, it would be appropriate for the Commission to assess whether to reduce that level to 90 %, which would be in line with risk-related methodologies in Union external policies and would enable a high volume of financing and investment operations in support of the Union’s strategic priorities.

Removed(6) In order to enhance the attractiveness of the Member State compartment under the InvestEU Fund, it should be made possible for Member States to contribute also in a fully funded manner through an InvestEU financial instrument in addition to the existing option of contributing to the EU guarantee. The support from InvestEU financial instrument should, to the extent possible, be implemented following the same principles as those of the EU guarantee. Through the InvestEU financial instrument, non-euro Member States could benefit from the InvestEU programme financially more efficiently in their own currency. The InvestEU financial instrument should also provide a further incentive for responsibly increasing the risk appetite of the implementing partners thereby contributing to the crowding-in of private capital.

Removed(6a) It is possible to combine amounts allocated to the Member State compartment with resources under the EU compartment in a layered structure to achieve a better risk coverage, in particular with a first loss tranche covered by national resources. Member States should further explore that possibility to mobilise more investments in strategic areas. To ensure coherence with the objectives of the InvestEU Programme, such combinations should respect the principles of EU value-added, fair competition, and the integrity of the internal market, and should support cross-border cooperation where relevant.

Removed(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. Without prejudice to the definition of an SME for the purposes of other Union acts and any future programmes and funds, the application of the definition of an SME for the purposes of the InvestEU Programme should be adjusted to remove complexities to the extent possible, taking account of the possibility for implementing partners to request information on the ownership structure of SMEs for the purpose of calculating the headcount. In that regard, and as noted in Recital 14 of Commission Recommendation 2003/361/EC, enterprises should be permitted to use solemn declarations to certify specific characteristics relevant to their SME status, such as the autonomy of their ownership structures. Specific attention should be paid to social economy enterprises and micro finance institutions.

Removed(7a) It is appropriate for the Commission to take further non-legislative simplification measures in order to complement this amending Regulation, such as reducing the frequency of progress reports to be submitted by implementing partners. However, it is important that such measures do not compromise the effectiveness of auditing and monitoring mechanisms necessary to ensure alignment with the Union’s policy objectives.

Removed(7b) It is important that State aid procedures applicable to operations supported under the InvestEU Fund be proportionate, predictable, and streamlined. In that context, it is also important that the Commission explore all available means to simplify and accelerate State aid assessments. This could include making greater use of the principle of market conformity. Furthermore, it is necessary that, where appropriate, the Commission provide timely guidance and further clarify and simplify the application of State aid rules to national financial instruments.

Removed(8) The frequency and scope of reports should also be reduced for the InvestEU programme and its predecessor, the EFSI programme.

Removed(9) For the Commission’s accounting, implementing partners should provide for combinations audited financial statements in line with Article 212(4) of the Financial Regulation, clearly delineating the amounts related to the different legal basis.

Removed(10) Regulations (EU) 2015/1017, (EU) 2021/695 and (EU) 2021/1153 should be amended to allow for combinations of support under those Regulations and the EU guarantee under this Regulation.