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Savings and Investments Union

Savings and Investments Union

Context

Building on the CMU action plans launched since 2015, which established an initial set of measures to deepen and integrate EU capital markets, the European Commission proposed in 2025 a new SIU strategy aiming to better channel Europe’s high level of savings into productive investment to support innovation, competitiveness and the green and digital transitions.

The SIU brings together a comprehensive set of actions focused on increasing retail participation in capital markets, improving access to financing for companies, particularly SMEs and scale-ups, enhancing market integration and liquidity, and strengthening supervisory convergence while simplifying the regulatory framework. It also aims to reflect technological developments in digitalisation and tokenisation. Its implementation relies on a hybrid approach combining EU-level legislative measures with targeted action at Member State level, particularly in areas such as pensions and financial literacy, supported by enhanced coordination and monitoring mechanisms to ensure consistent and timely delivery across the Union.

Most of the measures underpinning the SIU have now been adopted or are in the process of negotiation between the co-legislators. This includes the latest set of proposals made under the Market Integration and Supervision Package (MISP), which intends to complete the SIU by removing barriers to market integration, simplifying the rulebook and strengthening EU level supervision, notably in the areas of trading, post-trading, asset management.

In this context, the European Council, in its February 2026 conclusions, called for an acceleration of the implementation of the first phase of the SIU, identifying it as a key driver of EU competitiveness. In particular, it urged the co-legislators to reach agreement on the most impactful measures, especially those relating to market integration, supervision and securitization, by the end of 2026.

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