A large proportion of the financing needs for Europe’s digital, energy, and demographic transitions, as well as defence, will have to be covered by public funding. This column argues that these can all be seen as European public goods, and that a first step towards achieving them should to maximise the capacity of existing instruments, without the use of additional taxpayers’ money ab initio. The Draghi Report (Draghi 2024) and Letta Report (Letta 2024) offer a number of useful proposals for