‘The process is now entering its formal stage: the signing ceremony is scheduled for 17 January 2026, in Asunción, Paraguay, where Ursula von der Leyen and António Costa will personally put an end to 25 years of wrangling. However, the signing is not the end of the road, but the beginning of a new struggle.’

‘Although the Commission’s aim is for the new fund to be the flagship for strengthening European industry, the division among Member States clearly shows that competitiveness is now not just an economic issue, but also a political one.’