Prof. Marco Buti (European University Institute) will speak about the need to step up the supply of European Public Goods, such as defence and border protection or digital security, amid an increasingly challenging global backdrop.

To avoid being marginalised on the global scene, Europe needs to boost its defence and security, reform its growth model, and take the lead of an alliance of Middle Powers to preserve the rules-based multilateral system. Stepping up the supply of European Public Goods is key to deliver on those priorities, which requires a substantial overhaul of the EU budget on both the spending and revenue sides. The proposal by the European Commission for the new Multiannual Budget 2028-34 scores high on composition and flexibility, but poorly on size. New EU Own Resources are needed and the issuance of EU debt to finance common priorities can no longer be eschewed. Most importantly, the EU budget must not fall prey of the logic of the ‘juste retour’ promoted by national identity politics.