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 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, click here.