Budapest Declaration: EU Leaders Emphasize Unity and Strategic Investments

In the recently released Budapest Declaration by the 27 EU leaders, many of the goals and guidelines from the Draghi and Letta Reports are essentially reaffirmed. The call is for unity, now more necessary than ever, and for the commitment to leverage all possible public and private funding sources, building on what already exists and exploring new tools.

This is the summary of the Budapest Declaration adopted today, November 8, following the informal meeting of heads of state and government held on November 7 and 8 in the Hungarian capital.

At the center are the main points of the Letta and Draghi Reports, as well as the conclusions of the European Council of April 2024: first and foremost, the need to ensure a fully functioning Single Market; the completion of the Union of Savings and Investments and the Capital Markets Union.

But also to ensure 3% of GDP for research and development expenses by 2023, simplify and reduce bureaucracy for business obligations, create a single energy market, and accelerate the circular economy, especially for critical raw materials.