The Savings and Investment Union (SIU) is the European Union (EU) successor policy of the Capital Markets Union (CMU) to create a single market for capital and banking across EU member states.
The EU SIU policy initiative was launched formally on 19 March 2025. The SIU builds on the former policy known as CMU action plan, which was published in September 2020. You can read ICMA’s reaction here.
ICMA is closely engaged with the EU SIU developments through its recent contribution of 7 March 2025 and summary from 20 March 2025, with a focus on:
- Citizens: EU savings product for people
- Corporates : funding options for EU companies
- Market: integration and efficiency in capital markets
- Supervision : effective EU single rulebook
ICMA also reacted to the previous European Commission’s Communication on the delivery of the 2020 CMU action plan in November 2021, focusing in particular on:
- MiFID II/MiFIR
- European Single Access Point (ESAP)
- AIFMD
- ELTIF Regulation
You can access other recent ICMA materials on the SIU/CMU below.
Recent ICMA materials
7 March 2025
ICMA response to European Commission Savings and Investment Union (SIU) Call for Evidence from 3 February 2025
10 September 2024
ICMA note summarising the recommendations in the Draghi report on Capital Markets Union (CMU) and financial services
21 March 2024
ICMA Report - Bond markets to meet EU investment challenges
11 February 2022
ICMA response to European Commission targeted consultation on the Listing Act
29 November 2021
ICMA Preliminary Thoughts on the Capital Markets Union Package
2 March 2021
ICMA response form and additional remarks on European Commission consultation on a European single access point (ESAP)
12 January 2021
The new Capital Markets Union Action Plan, by Daniel Mendes, ICMA.
8 October 2020
CMU: financing the recovery from COVID-19, by Daniel Mendes and Charlotte Bellamy, ICMA.
8 October 2020
The role of the Eurobond markets in pan-European capital markets, by Ruari Ewing and Andy Hill, ICMA.
1 October 2020
ICMA's Preliminary Thoughts on the New Capital Markets Union Action Plan
30 June 2020
High-Level Forum Report on the Capital Markets Union: ICMA Feedback
12 June 2020
ICMA preliminary thoughts on the Report of the High Level Forum on the Capital Markets Union
View the archive here.
Contact:
Natalie Westerbarkey
Managing Director, Co-Head of Market Practice & Regulatory Policy; Member of the ICMA Executive Committee
Direct line: +32 2 801 13 97
