The ‘E6’ group and the reform of capital markets in the EU

The E6 - an informal alliance of Germany, France, Italy, Spain, the Netherlands, and Poland - want to make the development of capital markets in the EU an urgent priority.  This paper provides an overview of why the E6 matter in the debate on the EU’s savings and investments union; what the E6 want; and what each of the six countries could do on its own today to help build bigger and better European capital markets.

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A microcosm of the EU

Why are Germany, France, Italy, Spain, the Netherlands, and Poland suddenly talking about the reform of capital markets in the EU, and what do these six countries want to achieve?

In January 2026, the six largest EU economies (which, combined, account for 72% of EU GDP and 70% of the EU’s population) formed a new, informal alliance of European countries dubbed the ‘E6’ to strengthen the European economy and speed up decision-making at an EU level. The E6 identified four priority areas where in their view ‘swift progress’ is needed. One of those four areas is the EU’s savings and investments union.

It is not a new thing for European countries with similar interests and similar goals to come together under a catchy name: think Visegrád Group, New Hanseatic League, Nordic Council, or Weimar Triangle. But it is perhaps surprising to see the development of EU capital markets and the savings and investments union feature so prominently on the E6’s short list of priorities given that these six countries have very different capital markets and are coming from very different starting points with very different perspectives on some of the key issues in this debate.

We would argue that the E6 are not a strange coalition but a nearly perfect microcosm of the EU - and if a group of countries that is as diverse as the E6 can find common ground on central capital markets reform proposals, then this is promising for the discussions at the EU level.

This paper provides an overview of why the E6 matter in the debate on the reform of capital markets in the EU; why they can seem like a rather strange coalition in this debate (but really aren’t); what the E6 are hoping to achieve (and how they want to achieve it); and what each of the six countries could do on its own today to help build bigger and better European capital markets.

At a glance

Here are a few key takeaways from this paper on the size and depth of capital markets in Germany, France, Italy, Spain, the Netherlands, and Poland; and on the proposals by the E6 to reform capital markets in the EU:

>>> The significance of the E6: however you look at it, the E6 are a significant force in the debate on capital markets in the EU. The E6 combined account for more than two-thirds of overall EU capital markets activity. For every two euros that were raised, invested, or traded in these six countries in the three years to 2024, only one euro was raised, invested, or traded in the remaining 21 EU member states.

>>> A strange coalition or a (near) perfect microcosm? The sheer size of the E6 makes their proposals on the reform of capital markets in the EU relevant, but the six countries are coming from very different starting points in this debate. There is a significant difference in the depth of capital markets financing relative to GDP across the E6. The Netherlands and France are the only two countries with capital markets that are deeper than the EU average, and they are the only two of the E6 (until now) which have been vocal supporters of more centralised supervision. The good news is that if a group of countries that is as diverse as the E6 can find common ground on central capital markets reforms, then this is promising for the discussions at the EU level. For reference, the average depth of capital markets financing in the E6 countries is virtually the same as the average depth across the EU.

>>> What the E6 want: the E6 are a political initiative coming from the very top of the six countries’ finance ministries. While none of the 20 specific measures the E6 finance ministers have outlined to make progress on the savings and investments union are groundbreaking, the difference the E6 can and want to make is in the speed and ambition with which the EU will make progress towards these measures.

>>> How it works in practice: legally there is not much the E6 can do on their own to advance the reform of capital markets at an EU level: they cannot pass a vote in the Council on their own, and while enhanced cooperation is not their stated aim, they would need three more member states to proceed anyway. This leaves the E6 with two options: i) act as a pressure group at an EU level, or ii) try to implement reforms and harmonise capital markets at an E6 level.

>>> What the E6 could do on their own today: in addition to their advocacy work at the EU level it would be encouraging to see the six countries share best practice and encourage each other to introduce and implement reforms at a national level - for example on funded pensions, retail investment, or taxation of savings and investments.