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Investments and reforms for European competitiveness and the creation of a Capital Markets Union

TA-10-2025-0185 · P10_TA(2025)0185 · PE770.112

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✦ In short · AI summary of this text, generated 4 Sept 2026

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Parliament's resolution on financing investments and reforms for European competitiveness and creating a Capital Markets Union responds to the Draghi report, calling for mobilising private and public investment, completing the Banking Union, and boosting financial literacy. It urges measures to integrate EU capital markets, support venture capital and SME access to finance, enhance supervisory convergence, and develop long-term savings products, while stressing the need for public investment and EU-level financing tools.

Key points

  1. Calls for mobilising all resources to strengthen EU security, industrial and technological sovereignty, and to boost competitiveness and growth.
  2. Urges completion of the Banking Union and adoption of remaining legislation to secure financial stability.
  3. Highlights that too much capital is unused productively and that SMEs cannot fully use capital markets; calls for reducing administrative burdens for listed companies.
  4. Calls for developing venture capital and exit opportunities, and for an EU start-up and scale-up strategy with a finance chapter.
  5. Calls for measures to increase financial literacy, including an EU strategy and funding for consumer and investor organisations.
  6. Supports granting ESMA direct supervisory powers where valuable and revising its governance, while ensuring accountability.
  7. Urges proposals to relocate clearing to the EU and welcomes the shortening of the settlement cycle to T+1, with assessment of T+0.
  8. Calls for addressing fragmentation of insolvency frameworks and tax barriers, and for exploring an EU investment savings account or label.
  9. Calls for a review of the Sustainable Finance Disclosure Regulation and for applying 'same activity same rule' to energy derivatives.
  10. Urges the Commission to ensure all Member States introduce pension tracking systems and to adopt an ambitious delegated act on long-term guarantees under Solvency II.
  11. Calls for avoiding a slump in public investment after 2026, adopting new own resources for NextGenerationEU, and exploring a common safe asset.
  12. Welcomes the SAFE instrument and Defence Equity Facility, and supports higher-risk EIB financing.

Who is affected

  • EU companies, especially SMEs and start-ups, would gain easier access to capital markets and venture capital.
  • EU citizens would benefit from improved financial literacy, pension tracking, and new savings products.
  • National supervisory authorities would cooperate more with ESMA, which may gain direct powers.
  • The EIB Group would increase higher-risk financing and support defence-related SMEs.

Figures and deadlines

  • EUR 750 to 800 billion additional annual investment needed, 4.4-4.7% of EU GDP in 2023.
  • 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 deposits (EUR 11.63 trillion), 36% in equity (EUR 13.42 trillion).
  • EUR 8 trillion could shift to market-based instruments, or EUR 350 billion annually.
  • 70% of EU corporate financing is bank borrowing, versus 77% market-based in the US.
  • SAFE instrument up to EUR 150 billion; Defence Equity Facility EUR 175 million for 2024-2027.