Market integration package

Today, the Commission adopted a comprehensive package of measures designed to remove barriers and unlock the full potential of the EU single market for financial services.

This package is a central component of the savings and investments union (SIU) strategy, aiming to create a more integrated, efficient, and competitive financial system providing EU citizens better options for growing their wealth and supporting businesses in accessing funding.

More integrated capital markets are essential for fortifying the EU’s economic strength and achieving strategic priorities such as competitiveness, digital and green transitions, defence and security. Deeper integration of financial markets is not an end, but a means to create a single market for financial services greater than the sum of its national parts. Simplified access to capital markets reduces costs and makes the markets more appealing for investors and companies across all Member States, irrespective of size.

Despite recent progress, EU financial markets remain significantly fragmented, small and lack competitiveness, missing out on potential economies of scale and efficiency gains. In 2024 the market capitalisation of stock exchanges amounted to 73% of EU GDP, compared to 270% in the US. Financial institutions still face varying requirements and practices across Member States, hindering cross‑border operations and restricting opportunities for both citizens and businesses, negatively impacting the economy and the EU’s competitiveness.

Today's package simplifies the EU regulatory and supervisory framework significantly, and comes just nine months after its announcement in the SIU strategy, underscoring the political importance and urgency of this issue.

• Press release
• Frequently asked questions
• Factsheet: Breaking down barriers to integrate financial markets
• Watch the press conference

Legislative proposals and accompanying documents

• Communication on the further development of capital market integration and supervision within the Union
• Proposal for a regulation regarding the further development of capital market integration and supervision within the Union - Master regulation
  • Timeline of the initiative and stakeholder's feedback - Master regulation
• Proposal for a directive regarding the further development of capital market integration and supervision within the Union - Master directive
  • Timeline of the initiative and stakeholder's feedback - Master directive
• Proposal for a Settlement Finality Regulation (SFR)
  • French version of the proposal for an SFR
  • French version of the annexes to the proposal for an SFR
• Impact assessment accompanying the legislative proposals
• Executive summary of the impact assessment accompanying the legislative proposals
• Study of barriers to, and drivers of, the scaling‑up of funds investing in innovative and growth companies
• Study on consolidation and reducing fragmentation in trading and post‑trading infrastructures in Europe