EBF Preliminary Views on the Market Integration Package (MIP)

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Brussels, 21 April 2026 – The European Banking Federation (EBF) presents its preliminary views on the European Commission’s Market Integration Package (MIP), outlining key priorities to support the development of deep and well-integrated EU capital markets, underpinned by a modern, fit-for-purpose regulatory framework and a competitive infrastructural ecosystem.

As geopolitical competition intensifies, completing a genuine Single Market for capital has become a strategic imperative for the European Union. Enabling European households to participate in wealth creation, supporting companies’ access to funding within the Single Market, and strengthening the Union’s competitiveness, growth and economic security all depend on a fully functioning Savings and Investments Union (SIU).

Despite significant progress in regulatory harmonisation, European capital markets remain structurally fragmented and underutilised, with comparatively lower levels of equity investment, limited pools of long-term capital, and reduced scale in venture capital and IPO activity. Addressing these challenges requires a holistic and ambitious reform agenda.

The EBF calls on EU co-legislators to prioritise the simplification of the regulatory framework by reducing unnecessary complexity, overlaps and national gold-plating, and by progressing towards a truly harmonised Single European Rulebook supported by clear and stable rules. It also stresses the importance of appropriate timing and sequencing of reforms to ensure regulatory stability, including stronger adherence to the Lamfalussy framework, with a clear separation between political principles (Level 1) and technical implementation (Level 2), while maintaining Level 3 guidance as non-binding.

In this context, the EBF welcomes the publication of the MIP and supports its objective of achieving simplification, promoting effective competition and enhancing competitiveness, thereby reinforcing Europe’s attractiveness. By addressing fragmentation, the MIP can improve scale and efficiency. However, delivering the SIU will require prioritising demand-side reforms to strengthen market participation, as changes to infrastructure-related rules alone will not automatically deliver a more effective transformation of savings into long-term productive investments.

Against this background, the EBF highlights the following initial considerations:

• Competitiveness: Enhancing the competitiveness of EU capital markets requires broader strategic measures beyond regulatory adjustments, including the introduction of a secondary competitiveness objective in the mandate of ESMA.
• Simplification: Reforms should deliver effective simplification by reducing complexity, overlaps and costs for market participants.
• Competition: A more ambitious approach is needed, including a clearer distinction between financial market infrastructures (FMIs) and other market participants, as well as between the core functions performed by infrastructures and their commercial activities. This should include measures to prevent monopoly pricing and cross-subsidisation, ensuring effective competition and a level playing field.

The EBF will continue to refine its position and actively contribute to the ongoing policy discussions in Brussels.

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.