‘The question is not whether the political will exists—the pace of the past two weeks leaves no doubt about that—but whether the legislative process, the Commission’s assessment, and implementation can keep pace with the deadlines. The agreement reached in May unlocked the door. The draft bill and the revised plan provided the key. Now the question is whether the door will open in time.’

‘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.’