We analyse selected RRF reforms and investments, from milestone design to payment assessment. Our findings suggest that the RRF model can strengthen the effectiveness of the European Semester by translating reform priorities into enforceable commitments. Yet there is scope for improvement. First, uneven milestone design limited conditionality in some cases, calling for a better balance between national ownership and consistency in the drafting of similar reforms. Second, investment conditionality should be recalibrated to safeguard value creation, rather than prioritising absorption. Third, decentralised implementation should not imply fragmented or restricted access to information across national systems, which constrains effective accountability and oversight. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee. Source : © European Union, 2026 - EP Read more