EBF Commends EU Member States’ Leadership in Delivering the Savings and Investments Union and Flags Key Areas

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Brussels, 31 March 2026 – The European Banking Federation (EBF) welcomes the strong engagement of several EU Member States in advancing the Savings and Investments Union (SIU), and their shared commitment to strengthening Europe’s capital markets.

Today, unlocking the full potential of the SIU is not only an economic priority but a strategic imperative for the European Union. More effective mobilisation of savings into long-term investment, in particular equity financing, will be key to supporting growth, resilience and economic security, while enabling households to build more sustainable long-term (pension) wealth through investing.

Delivering on these objectives requires ambition at both EU and national levels, underpinned by sustained political leadership and a clear focus on simplification and practical outcomes.  In this context, the EBF commends the leadership of the E6 Member States and calls on EU leaders to sustain a high level of ambition to strengthen Europe’s competitiveness and attractiveness, in line with Mr. Draghi’s and Mr. Letta’s wake-up calls.

In this context, the EBF highlights the following considerations:

1. Reforms aimed at broadening retail participation in capital markets must remain priority. Enhancing market participation, especially from retail investors, is crucial to deepen European equity markets. In this context, the EBF emphasizes that negotiations on the Retail Investment Strategy should result in a proportionate and well-calibrated Level 1 text. EBF observers that certain technical but key aspects remain challenging from an implementation perspective (e.g., relating to Value for Money and new Inducement Test) and would benefit from targeted adjustments at Level 1 while still possible. 
2. Regulatory solutions should ensure the success of the EU’s Equity market structure. The Market Infrastructure Package (MIP) can play an important enabling role by improving the conditions for EU equity markets to operate at greater scale, transparency and efficiency, thereby supporting broader, demand-driven reform. The key priority should remain be the successful delivery of a consolidated tape (including the five layers of best bid and offers) to provide investors with a comprehensive and reliable view of all pre-trade market liquidity and price formation. Nevertheless, EBF cautions against rushing any decision to limit the availability of alternative trading mechanisms or favour any model specifically to ensure a level playing field.  
3. Pushing for simplification and coherence in the regulatory framework is key. The EBF strongly supports the EU’s simplification agenda. Ongoing and future reforms should prioritise streamlining the regulatory framework, reducing unnecessary burdens, and limiting opportunities for national fragmentation and gold-plating.

EBF stands ready to continue supporting an ambitious and pragmatic policy discussion aimed at advancing the development and integration of EU capital markets.

For more information:

Jacopo Borgognone, Head of Capital Markets – j.borgognone@ebf.eu

About the EBF:

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure, and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.