From rulemaking to system management: rethinking the governance of the Savings and Investments Union

After more than a decade of Capital Markets Union initiatives, the EU has established stronger foundations for financial integration, yet persistent structural barriers continue to constrain market development. The author argues that the principal challenge is no longer simply identifying further reforms, but ensuring that legislation, institutions, and market initiatives function as a coherent system. He proposes treating the Savings and Investments Union as a permanent policy function supported by an operating model linking strategic coordination, rulemaking, implementation, performance monitoring, and accountability. The objective is to improve system-wide delivery and mobilize European savings for productive investment without creating another institutional layer.

Apostolos Thomadakis is Head of Research at ECMI, and Senior Research Fellow and Head of the Financial Markets and Institutions Unit at CEPS. This article first appeared in the Journal of Financial Services, Edition 3, October 2026, a publication of the Projective Group Institute.