Savings and Investments Union

The work on a stronger and more integrated capital markets union in the EU must continue. The European regulatory environment must foster innovation, investment and integration, while preserving stability. Simplification and harmonisation of financial regulation is essential to reduce fragmentation and overlaps.

The European Commission has been working on completing the European capital markets for over a decade. The overall aim of the CMU action plan is increasing and diversifying the funding sources for businesses, boosting the functioning of markets, and creating jobs, growth and investment in Europe. In 2025, the Commission introduced a new strategy for the Savings and Investments Union (SIU), aiming to foster European citizens’ wealth and economic competitiveness in the EU.

Non-regulatory approaches must also be taken into account. Finance Finland believes that the development of functioning and versatile capital markets must be primarily market-driven. Empowering citizens to invest and enhancing their financial literacy is important. Still, investment decisions or the steering of investment should not be affected through regulatory means.

The SIU should not be established through detailed EU regulation, but instead by taking down unnecessary obstructions that hinder cross-border investments. The development of the SIU should be market-led, and policy measures must be proportionate and tailored to the European context. Where barriers stem, for example, from taxation, centralising activities or supervision does not provide a solution.

There are big differences inside the EU and the Nordic capital markets act in many ways as an example. These kinds of well-functioning national and regional models need to be preserved in the European policy. Successful national models, such as Nordic savings and investments account models, must be safeguarded.

Instead of focusing on threats and risks, we should talk more about the opportunities and importance of retail investing. Building wealth strengthens financial security, and investing supports personal financial management and long-term planning for the future. National governments need to be encouraged to incentivize long-term financial planning and saving by providing national incentives like tax solutions.

We support the harmonisation of supervisory practices and the strengthening of supervision. At the same time, it is essential to distinguish whether differences arise from supervisory practices or from national legislation. Where divergences or additional requirements stem from domestic regulation, they cannot be fully eliminated through supervisory harmonisation alone.

Centralised supervision may be justified for a limited number of inherently EU‑wide entities, such as stock exchanges, central securities depositories and central counterparties, while national supervisors must retain a clearly defined role.