The savings and investments union (SIU) strategy, launched in March 2025, brings together a coordinated set of EU‑level measures with complementary national reforms to deepen, integrate and strengthen the functioning of European capital markets. By tackling supply and demand, the SIU aims to boost efficiency, scale, and market connectivity. On the supply side, the market integration and supervision package and targeted measures on securitisation seek to improve liquidity, transparency and investor confidence, reduce fragmentation across Member States, and unlock long‑term financing for strategic sectors such as infrastructure, energy transition, innovation and digitalisation. On the demand side, the Recommendation on savings and investment accounts (SIAs) and the supplementary pensions package – including reforms to pan‑european personal pension products (PEPP), updates to Occupational Pension Funds Directive II (IORP II), and Recommendations on auto‑enrolment, pension tracking systems and dashboards – as well as fostering a culture of informed long‑term investment through financial education aim to expand households’ opportunities to invest efficiently, encourage long‑term savings behaviour, and build trust in market‑based financial instruments. Taken together, these initiatives are intended to create a more resilient, competitive and interconnected European capital market that channels Europe’s high level of savings into productive investment across the EU.
For savers, investors and companies, the SIU is expected to deliver clear and practical benefits. Citizens will gain access to simpler, more transparent and potentially tax‑efficient savings vehicles alongside well‑governed pension products, which over time can offer higher long‑term returns compared with funds held primarily in bank deposits. Early visibility of consolidated pension entitlements through tracking tools enables individuals to plan retirement more effectively and make informed financial decisions throughout their working lives. For companies, deeper and more liquid capital markets improve access to financing, enhance price discovery for debt and equity issuance, and support long‑term investment strategies that foster innovation, productivity and job creation.
While some improvements may already be visible within the Commission’s current mandate, the full impact on market depth, cross‑border integration and efficiency is expected to materialise progressively over the medium term, strengthening both investment flows and economic resilience across Europe.
The SIU’s emphasis on joint efforts reflects the reality that many of the most powerful levers for success – including taxation, supplementary pension design and financial literacy – remain at national level. Ensuring consistent and timely delivery therefore requires strong cooperation between EU institutions and Member States. The Commission is monitoring progress closely in those areas, providing guidance and technical support, and encouraging Member States to translate Recommendations into concrete national reforms. In parallel, the European Parliament and Council – or co‑legislators – are expected to reach an agreement on the various legislative files on the table by the end of 2026, including the ambitious market integration package, and implement measures that reduce cross‑border barriers and improve access to capital markets.
The key conditions for success are clear: sustained political commitment from Member States, coordinated action across EU and national levels, and the willingness to prioritise reforms that foster market integration. A truly integrated single market for capital is far more beneficial for companies and citizens than the sum of its national parts. Achieving greater scale, removing the barriers that continue to constrain cross‑border investment, and broaden participation in retail investment and supplementary pensions are essential if Europe is to compete globally.
Our goal is to make life easier for investors and firms so that they do not feel compelled to leave in search of more profitable markets or markets where they find support to grow and expand.
The time for action is now. This is not business as usual. EU Leaders have made clear the urgency of moving forward. The European Parliament, the European Council and the Commission have recently agreed on a “one market, one Europe” roadmap with targeted timeline for agreeing on the SIU proposals. This is welcome. Delays risk weakening the Strategy’s momentum, and Europe cannot afford to wait, given the urgent need to create the right conditions for investment and growth and unlock the full potential of the single market.
The Commission has taken decisive action and will continue to monitor progress towards an ambitious, positive, forward‑looking structural change of our capital markets, supporting Member States along the way.
Alexandra Jour‑Schroeder is Deputy Director‑General and Acting Director, General affairs in the Commission Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA). This article was previously published in the March issue of the Eurofi Magazine.
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Savings and investments union
Savings and investments union strategy
Market integration and supervision package
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