Today, two weeks after our last meeting, António has gathered us again for a productive session. We focused on competitiveness, presenting the Competitiveness Compass with a Clean Industrial Deal, and discussed three key topics: energy, simplification with Omnibuses, and the Savings and Investment Union. To lower energy prices, we need to shift towards low-carbon energy sources, like nuclear and renewables, as fossil fuels drive costs up.

On simplification, we supported expanding the Omnibus concept. For the Savings and Investment Union, Europe saves EUR 1.4 billion annually, yet the fragmented capital market benefits others more than us. The goal is to unify this market to better allocate funds within the EU, benefitting citizens and businesses alike.

We also reviewed specific sectors, starting with the Clean Industrial Deal for energy-intensive and clean tech industries. Weve conducted Strategic Dialogues with the automotive and steel industries and will next address the chemical sector, supporting their transformation towards climate neutrality by 2050.

The White Paper on European defence ties competitiveness to security. Progress in defence capabilities and spending, agreed at the European Council, is crucial. Weve launched the Readiness 2030 Plan and proposed SAFE, a new instrument for joint procurement, with EUR 150 billion available for defence investments. Ukraine and partner countries can join SAFE, and cohesion funds can be used for defence.

In conclusion, the EU budget and the Savings and Investment Unions blueprint integrate competitiveness with defence strategy. Thank you.