Thank you, Raffaele.

Todays communication evaluates what the Recovery and Resilience Facility (RRF) has achieved so far. With just over a year until the August 2026 deadline, it is also time to look ahead and focus on what needs to be done to successfully complete the RRF.

The RRF has already had a very significant impact. Some examples include the installation of 110,655 megawatts of renewable energy, equivalent to almost 20% of the installed capacity of wind and solar energy in 2024. There has also been a saving of 33.4 million megawatt-hours per year in primary energy consumption, more than Denmarks total annual electricity consumption. Furthermore, 16.2 million additional homes have gained access to very high-capacity internet networks, and 29 million people have benefited from RRF-supported education and training opportunities.

The RRF has also had important spill-over effects within EU Member States, given the deep integration of EU economies. How do we build on this success and ensure the RRF finishes strong?

Today, the Commission provides an overview of the actions that Member States can take so that their recovery plans are implemented on time and to the fullest extent. We encourage Member States to streamline their plans, offer a clear menu of options to amend their plans, and provide guidance for preparing the final payment requests in 2026.

Member States must review their recovery and resilience plans in view of the 31 August 2026 deadline. Only measures that are certain to be implemented by this deadline should remain in the plans. Additionally, we invite Member States to work with us to simplify their plans. The aim is to simplify the implementation and assessment of payment requests by reducing administrative burdens, while fully complying with the RRF assessment criteria.

There are various options for Member States when revising their plans, such as scaling up successful measures, establishing financial instruments to boost private investment, and transferring funds to InvestEU.

Finally, RRF funds could be used to support capital injections into National Promotional Banks or to contribute to the future European Defence Industry Programme. These alternatives could help the RRF deliver additional important benefits for common EU priorities, including in the areas of security and defence.

To conclude, the RRF has already had a transformative impact. But now is the time for a final push. Todays communication provides clarity on how Member States can make the most of the remaining time. With 454 days left for implementation, the time to act and deliver is now. Thank you.