European Commission Publishes Market Integration And Supervision Package

RegCORE Client Alert | Banking Union, Capital Markets Union + Savings and Investment Union

QuickTake

Despite progress under the Capital Markets Union (CMU) – relaunched as the Savings and Investments Union (SIU)¹ –, European capital markets still face:

• Persistent fragmentation. EU financial markets remain fragmented along national lines. In 2024, the EU's combined stock market capitalisation was approximately 73% of GDP, far below the US figure of 270%, highlighting structural underdevelopment.
• Barriers across the value chain. Divergent national regulations, supervisory practices and infrastructure continue to hamper cross border investment, raise compliance costs, and limit scale and liquidity.