Let’s revise the EU budget. Let’s create a European Sovereignty Fund

The EU is facing existential challenges, from the Russian war in Ukraine to strategic dependencies that make us weak. In this regard, the Commission finally acknowledges that our budgetary means to cope with those issues are not sufficient. Therefore, the review of the MFF must lead to increased flexibilities.

This is also why we welcome the announcement of a European Sovereignty Fund to make the EU more autonomous, thanks to Renew Europe’s hard work and influence on the matter, which already ensured an EP vote on that proposal in May this year. This time, the EU should neither rely on a fund made of redeployments only nor relabel former initiatives to get rid of our dependencies. The “Global Gateway Initiative”, “CARE” and “RePowerEU” plans are all well and good, but only divert money from previously fixed objectives that actually pay for the collateral damages of the recent crises. On the contrary, this Fund should be financed through new means.

This is the message of the report approved today by the European Parliament, meeting in plenary session in Strasbourg, which considers this revision of the MFF to be urgent to bring innovative and ambitious changes. Renew Europe shares this feeling and stresses that the various redeployments and current flexibilities have reached their breaking point and that EU Members States must now take their responsibility.

Renew Europe has paid particular attention to the needs required by the common security and defence policy in the light of developments due to the Russian war in Ukraine. Our group also strongly insists that the repayment of the recovery plan should not affect or even lead to cuts in common policies. Thus, the budgetary line destined to repay the debt must be put over and above the MFF ceilings.

Valérie HAYER (Renaissance, France), coordinator of Renew Europe in the Parliamentary Committee on Budgets and shadow rapporteur on the revision of the multiannual financial framework 2021-2027, said:

“It is high time to get rid of our dependencies. This means better regulations, but also key investments. We will do our utmost to make the European Sovereignty Fund and the revised MFF a reality.”