Public Investment Management Practices in the EU A comparative analysis based on the second Commission survey

This paper provides new evidence on public investment management practices in the EU, based on the second survey on this topic among EU Member States conducted by the European Commission in 2025. This survey round introduced new elements regarding quality assurance at the early planning phase, the level of integration between planning and budgeting and the role of the Ministry of Finance. Independent external reviews, a strong emphasis on the pre-appraisal phase for large or complex projects, and cost-control tools can be found in about half the Member States. An integrated planning and budgeting cycle for the medium to long-term is present in less than half of them. Finally, the Ministry of Finance plays a strong role in setting the annual and medium-term ceilings in all Member States. However, it is to a lesser extent involved in strengthening the financial soundness of the projects by challenging key assumptions and parameters and promoting the use of cost-control tools. It is to an even lesser extent involved in strengthening fiscal sustainability in the medium-to-long term by clearly communicating on the fiscal space available over this horizon. Overall, the data confirms a high degree of stability in practices compared to the first survey run in 2022. These findings identify ways to strengthen the medium-term fiscal structural plans and hence support compliance with the EU fiscal framework.