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REPORT (2024/2116(INI))

On facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report)

A-10-2025-0124

Committee on Economic and Monetary Affairs · Rapporteur: Aurore Lalucq

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Parliament's resolution on facilitating investment financing and creating a Capital Markets Union responds to the Draghi Report, calling for mobilising private and public capital to close the EU's investment gap and boost competitiveness. It urges completing the Banking Union, deepening capital market integration, enhancing supervisory convergence, and improving access to finance for SMEs and start-ups. It calls for measures to channel household savings into productive investments, including an EU savings account or label, and stresses the need for public investment and EU-level instruments to address defence and transition needs.

Committee position. The Committee on Economic and Monetary Affairs proposes a resolution that embraces the Draghi and Letta reports, calls for accelerated CMU integration, and outlines measures to mobilise private and public investment.

Key points

  1. Calls for mobilising all resources to strengthen EU security, industrial and technological sovereignty, and to accelerate transitions, while supporting SMEs and cohesion.
  2. Urges Member States to advance capital market integration and complete the Banking Union, and calls on the Council to finalise the financial stability framework.
  3. Highlights that too much capital is unused productively and that SMEs face barriers in accessing capital markets; calls for reducing administrative costs for listed companies and implementing the Listing Act.
  4. Calls for developing venture capital ecosystems, supporting start-ups and scale-ups, and preventing relocation of EU entrepreneurs.
  5. Supports granting ESMA direct supervisory powers over pan-European market infrastructures and strengthening supervisory convergence.
  6. Calls for a 'report only once' regime and timely implementation of the European Single Access Point.
  7. Urges proposals to relocate clearing activities to the EU and welcomes the shortening of the settlement cycle to T+1, while assessing T+0.
  8. Calls for addressing fragmentation of insolvency frameworks and tax systems, and for exploring a 28th regime for corporate taxation.
  9. Urges the Commission to develop an EU investment savings account or label for simple, long-term investment products, and to support financial literacy.
  10. Calls for a European Capital Markets Union Index Family and pension tracking systems in all Member States.
  11. Stresses the need for public investment and EU-level instruments, including a common safe asset, to close the investment gap and address defence needs.
  12. Welcomes the SAFE instrument and Defence Equity Facility, and calls for simplifying EIB processes and increasing higher-risk financing.

Who is affected

  • EU citizens and retail investors: would benefit from new savings products, better financial education, and easier access to capital markets.
  • SMEs and start-ups: would gain improved access to venture capital and listing opportunities.
  • European supervisory authorities (ESMA, EIOPA, EBA): would see enhanced powers and funding.
  • Financial institutions (banks, insurers, pension funds): would face new rules on supervision, clearing, and long-term investment incentives.
  • EIB Group and national promotional banks: would be expected to increase higher-risk financing and support defence and transition projects.

Figures and deadlines

  • EUR 750 to 800 billion additional annual investment needed, corresponding to 4.4-4.7 % of EU GDP in 2023.
  • EUR 8 trillion could be shifted to market-based instruments, or around EUR 350 billion annually.
  • Only 18 % of EU citizens have high financial literacy; 64 % average, 18 % low.
  • EU household savings in 2022 were EUR 1 390 billion, compared with EUR 840 billion in the US.
  • EU households held 31.01 % of savings in currency and deposits (EUR 11.63 trillion).
  • Around 70 % of corporate financing in the EU is bank borrowing, vs 77 % market-based in the US.
  • SAFE financial instrument of up to EUR 150 billion to boost EU defence capabilities.
  • Defence Equity Facility budget of EUR 175 million for 2024-2027.