To build a successful European capital market, we need to follow the Swedish assembly instructions

Sweden has quietly achieved what the EU still struggles to build – booming capital markets, active retail investors, thriving SME IPOs and a pension system that channels household savings into the real economy.  As Brussels deliberates, Stockholm has delivered.

The current European Commission has launched a plan for a Savings and Investments Union, aiming to offer EU citizens better financial opportunities, higher returns and capital that innovative businesses can access more easily. It’s now time for action – and Sweden’s success offers a blueprint. 

Fredrik Andersson is Researcher at CEPS and at the European Credit Research Institute (ECRI). 

This commentary was originally published by CEPS on August 27, 2025. To dive even deeper into how Sweden has successfully built a resilient capital market, read our recent study here.