What Carla spoke about.

Mr President, Commissioner, with the reality we are experiencing today, it is undeniable and undelayable to promote more investments in our common security and defence. We must ensure that the Union is prepared to face all kinds of threats, from hybrid to conventional, by establishing strong deterrence, reducing our dependencies and strengthening our autonomy. But any idea of trying to choose between investments in security and defence, or social cohesion, or cohesion, would result in a certain defeat on both fronts. Any investment strategy must be comprehensive, it must address both our vulnerabilities in military capabilities and those in our social fabric. These are strategic decisions for the Union and its future. This means that the European Parliament should not be excluded from the decision-making processes with regard to the spending programmes underlying the choices made for the European Union. ReArm’s recent proposal includes new joint loans based on Article 122 of the Treaty on the Functioning of the European Union – and we can only regret the use, again, of this article, which excludes Parliament from the decision. The European Parliament is the only institution with legislative, budgetary and supervisory powers, with democratic legitimacy conferred by the direct election of its members. We are here to decide for the benefit of European citizens.

Madam President, Commissioner, the approval of this instrument of reform and growth demonstrates the European Union's strong support for Moldova in the challenging geopolitical context in which we find ourselves. There is no doubt that the co-rapporteurs and this Parliament are committed to building this mechanism. In this process, it has become clear that, when urgently called upon to give its opinion, the European Parliament is able to respond by making European solidarity its priority. And as a co-decision maker, a budgetary authority, it lives up to its Treaty responsibilities – and will no doubt continue to do so in every case. Parliament also made important adjustments to this mechanism, notably by increasing the pre-financing rate from 7% to 18% and by changing the subsidy component from 16% to 20.5%. We also advocate for greater administrative capacity in Moldova, so we have more funding dedicated to strengthening its institutions. Finally, Parliament also has enhanced oversight, in a dialogue between Parliament and the Commission, to review progress in the implementation of this mechanism. It is clear our commitment to the Moldovan people and our commitment to Moldova's path towards membership of the European Union.

Madam President, Mr Vice-President, Minister, Russia's war against Ukraine has significantly affected the regions of the Union with the greatest geographical proximity and strong economic ties with Russia, Belarus and Ukraine. A sharp reduction in investment, a reduction in trade flows, a reduction in economic activity have led to job losses, an increase in unemployment and a deterioration in the social economic conditions of citizens in these regions. The war also brought a high number of refugees which created additional pressure on local integration systems. The European Union is a union of solidarity, a union of solidarity with all, and the Union budget must be able to respond to the challenges of the Union. We cannot repeat mistakes of the past, as we did with the countries of southern Europe, where solidarity did not guide the intervention of the European Union. Support for these regions is essential. And we do not know, neither of us knows, whether in the future the challenges can remain these or will be others. Commissioner, we need a robust, flexible and people-centred next multiannual financial framework for the Union, able to support these regions in the perspective of cohesion, able to respond to the challenges that arise.

Mr President, Commissioner, Minister, the Compass for Competitiveness offers us an ambitious path and objectives. But having ambitious goals is not enough, it takes political will to implement them, it takes a strong and broad commitment to finance them. The capital market union, which is essential for attracting private investment, cannot be the fate of the Banking Union, which has been incomplete for more than ten years. Easing fiscal rules or broadening the definition of defence spending are important but ancillary measures. Securing all public investment in the next MFF is not an option. Without substantial additional funding, we will not be able to make Europe more competitive. The Draghi report indicates an annual investment gap of up to $700 billion, potentially increasing due to the cost of inaction. We need a combined strategy for public and private investments. A permanent investment instrument is therefore essential, as is, Commissioner, a reliable, robust and flexible multiannual financial framework for the implementation of the Union's policies.

Mr President, Madam President Lagarde, Commissioner Maria Luís Albuquerque, in the article you signed two weeks ago in the Financial Times with President von der Leyen, you assured her that you are ready to do everything necessary to bring Europe back. This was the attitude that saved the euro in 2010 and averted a financial crisis during COVID. In these crises, the ECB was able to support the general policies of the Union, as written in its secondary mandate. We must give up dogmas. We cannot fight inflation blindly or let market neutrality be a principle written in stone. We need action and results. For example, to have closer coordination of the monetary and fiscal policy of the Union or to use the secondary mandate to be more ambitious in monetary policies and instruments. The current climate of uncertainty in the United States also opens an opportunity for us to strengthen the international promotion of the euro as a credible alternative to the dollar and move faster on the digital euro. As you say in your article in the Financial Times, in which I see myself, there is a lot at stake. We can no longer waste our strength with self-imposed disadvantages.

Mr President, Commissioner, the Budapest Declaration is a step in the right direction and in the commitment to the future financing of the European Union's priorities. But the new competitiveness pact now needs to go from words to deeds, from intentions to policies, from ambition to investments. We need the Commission to come forward with a proposal for the post-2027 Multiannual Financial Framework that is simpler, more flexible, more effective and better able to respond to the challenges we face and the objectives we pursue. We urgently need to implement the Capital Markets Union to mobilise key investment to support our small and medium-sized enterprises and businesses. startups compete on a global scale. And we need the European Investment Bank to adopt a comprehensive and mobilising role for public investment. But these three axes are not enough. As the Declaration rightly states, we need new instruments and new own resources. We expect the new Commission to build on the success of Next Generation EU and the SURE and to present in this mandate a long-requested permanent fiscal capacity in this Parliament. A fiscal capacity that allows the European Union to finance strategic sectors in such a way that we have an innovative, resilient and sustainable Europe that asserts and strengthens its position in the global context.

Mr President, Commissioner, in recent decades, European regions have developed and converged. Today, we see a reduction in economic, social and territorial disparities. We all know that this is unambiguously due to cohesion policy. Cohesion policy is a powerful tool to create jobs, growth and improve citizens' quality of life; It also empowers local and regional authorities with the tools they need to implement solutions tailored to their needs and economic and social contexts. With this place-based approach, cohesion policy has brought citizens a positive economic outlook for their region, improving competitiveness and contributing to the green and digital transition, leaving no one behind. The twin green and digital transitions and social cohesion are a source of opportunities. However, if they are not accompanied by the appropriate policies, implemented by local and regional authorities, they can create new disparities. The necessary modernisation of cohesion policy must not weaken or prevent its positive impact. The changes we make to the next budget of the European Union after 2027 must be towards a strong reinforcement of policies...

Madam President, ladies and gentlemen, the resolution we are discussing today in plenary represents the efforts of the rapporteurs to achieve a solid package of commitments for the 2025 budget. It is the resolution that best serves citizens, European society, businesses, young people. It strengthens programmes to support people on the ground and in remote areas, as well as programmes to support social dialogue, which enable greater coordination of the social security systems of the ‑ Member States – areas of vital importance for a more cohesive and competitive Europe. Commissioner, despite the agreement reached in the MFF mid-term review on covering NGEU interest slippage costs, this is not a solution that can remain beyond this MFF. We need another solution from 2028. Clearly, the Council is not inclined to comply either with what has been agreed here or with what has been agreed on the crucial own resources for us to repay the debt from 2028. Negotiating the next MFF will be even more challenging for everyone if we do not establish a prior understanding of the costs of the NextGenerationEU interest slippage. This Parliament can only find the necessary balances and commit itself to ensuring that the costs and repayment of the debt do not come at the cost of the next generations.

Madam President, ladies and gentlemen, the Pact for the Future can be an important contribution to the design and choices we will have to make in the next Multiannual Budget of the European Union after 2027. It is a commitment that clearly shows that we need to accelerate the digital and green transition with a strong social dimension and that we need to maintain policies that ensure social and economic cohesion with strong investment in young people. We also need a more effective and transparent global financial architecture that ensures more effective, fair and inclusive multilateral cooperation and leaves no one behind. All these policies must always be based on the protection of democracy, human rights and gender equality. European policy and our future choices cannot be made with our backs to the world. We need a global vision and cooperation. The Pact for the Future is another step in the right direction to have resilient policies for future generations at regional, European and global level.