The Savings and Investments Union

The Savings and Investments Union (SIU) project aims to create a genuine single market for financing in the EU, with no internal national borders. It will be an extension of the Capital Markets Union, which saw the adoption of measures to harmonise European legislation and promote trans-European investment (see 2015 and 2020 action plans).

In its Statement of 7 March 2024, the ECB Governing Council stressed the need to accelerate the SIU project. In line with this statement, and with the recommendations of the Letta and Draghi reports, the mission letter sent to the Commissioner-designate for Financial Services and the SIU sets out a new series of measures to be spearheaded by the new Commission.

The Banque de France supports reform in four key areas:
1)    Incentives to develop truly cross-border venture capital funds.
2)    The revival of securitisation within a transparent, secure framework, to increase banks’ financing capacity.
3)    Single European supervision to guarantee a common legal framework and prevent regulatory fragmentation across the 27 national markets.
4)    A European Unified Ledger that is low-risk and accessible throughout the EU, to ensure rapid and secure transaction execution.