EU Savings and Investments Union - Policy and Investors Conference

The conversation explored how the EU’s flagship initiative could help unlock deeper capital markets and what it might mean for investors and financial institutions across both the EU and the UK. The programme included a fireside chat with Andrea Beltramello, head of the savings and investments union coordination unit, European Commission (DG FISMA), alongside a presentation from Maximilian Bierbaum, head of research and director, EU, New Financial on the growth potential for EU capital markets.

This was followed by a panel discussion that brought together perspectives from across the industry including Aurélie Cassou, head of public affairs, Amundi, Dr. Jakub Michalik, chief policy officer & member of the executive committee, Euronext and Sven Kasper, international head of public policy, State Street. 

The discussion focused on several key themes, including:

• Strong political momentum: Panellists noted an unprecedented level of political commitment behind the EU’s Savings and Investments Union reforms which stands in contrast to the somewhat lacklustre output of the last ten years of the Capital Markets Union (CMU) initiative.

  
  

• National engagement is key: In its approach to SIU, the Commission has found the right balance in providing a direction of travel without imposing it top-down on the member states. Some of the most important policy levers – including those related to investment accounts and pensions – sit at the national level, where current engagement by local actors has already been particularly encouraging. 

  
  

• Parallel reforms in the EU and UK: Both jurisdictions are pursuing similar capital markets reforms and facing similar challenges, creating opportunities to learn from each other’s approaches. Given their geographic proximity and deep financial links, the EU and UK could benefit from the efficiency gains of deeper and more liquid capital markets and the sharing of best practices.

  
  

• The opportunity: A more unified EU single market – supported by streamlined supervision, simpler rules and strong passporting rights – could provide the scale European innovators need to compete globally. Deeper and more integrated capital markets will make the EU more attractive to market participants and intermediaries, both within and outside the Union, as investors seek greater opportunities, higher returns, and lower costs.

Many thanks to our speakers and to everyone who joined the discussion. If you would like to find out more about this event or New Financial’s upcoming capital markets programme, please get in touch via: info@newfinancial.org