FRIEDRICH-EBERT-STIFTUNG – AN EU FUTURE FUND: WHY AND HOW? the implementation of the Paris Climate Agreement and even the economic future of the European Sin­gle Market. At European level the existing EU funding in­struments are already inadequate and will only shrink fur­ther in the next few years. At the same time, the consoli­dation pressure on national budgets due to the reactiva­tion of the(reformed) EU fiscal rules is set to increase sub­stantially, so that the lack of public investments cannot be compensated by more national spending. Large sums re­quired to cover the public share of the investments need­ed for the transformation are lacking. 12