European Central Bank
Related: EU Startup Monitor
Startup financing is a key pillar of the CMU/SIU agenda
EU Capital Markets Union Monitor
Real-time tracking of CMU/SIU progress, legislation, and financial integration metrics
Data updated:
14 Data Sources
29%
SIU Progress Index
across 4 pillars
EC
ECB
11
Already Law
5 in force, 6 adopted, of 18 tracked
EUR-Lex
Oct 2026
Next SIU Milestone
Target: Council Position on the MIS Package
EC
0.683
Integration Index
+0.240 since 2015, to 2025
ECB
CMU/SIU Progress Index
EC
ECB
EUR-Lex
29%Overall Progress
Citizens & Savings
35%
Investment & Financing
35%
Integration & Scale
25%
Supervision
22%
Quick Stats
Cross-border holdings70% of GDP
Household savings in deposits€10.2 trillion
EU share of global market cap~11%
Annual investment need (Draghi)€750-800B
Single-market barrier, financial servicesover 100% tariff equivalent
ECB
EC
AFME
Draghi
IMF
Legislative Pipeline
EUR-Lex
EPRS
Proposed3
Council3
Adopted6
Key Dates
EC
EPRS
Jun 2025done
Securitization Proposal Adopted
ProposalDec 2025done
Market Integration Package
ProposalDec 2025done
Retail Investment Strategy Provisional Agreement
ProposalJan 2026done
VC/Growth Capital Reform Consultation
ProposalJan 2026done
EP Adopts 28th Regime Resolution (492-144)
VoteFeb 2026done
Informal EU Leaders Retreat on Competitiveness
SummitMar 2026done
EU Inc. Proposal Adopted, COM(2026) 321
ProposalMar 2026done
European Council Calls for Agreement by End 2026
SummitMar 2026done
Council Adopts Common EU Insolvency Rules
DeadlineMay 2026done
Securitisation ECON Committee Vote
VoteMay 2026done
ECON Public Hearing on the MIS Package
ReviewJun 2026done
SIU Phase 1 Target
DeadlineJun 2026done
Council Negotiating Mandate on PEPP
VoteJun 2026done
Council Negotiating Mandate on IORP II
VoteJul 2026done
EuroCTP Consolidated Tape for Equities Go-Live
DeadlineJul 2026done
ESAP Phase 1 Data Collection
DeadlineJul 2026done
SIU Package Enters ECON Committee Scrutiny
ReviewJul 2026done
ECON Opinion on EU Inc. Adopted
VoteJul 2026done
Irish Council Presidency Begins
StrategyJul 2026done
Ecofin Agrees MISP Timetable
VoteOct 2026
Target: Council Position on the MIS Package
DeadlineJan 2027
Solvency II: 22% Risk Weight for Long-Term Equity
ImplementationQ1 2027
Banking Competitiveness Package
ProposalQ2 2027
SIU Mid-Term Review
Review2028
Listing Act Full Application
Deadline2029
ESA Review Implementation
ReviewEU vs US Capital Markets Comparison
EC
ECB
ESMA
Stock Market Cap (% GDP, 2024)
Venture & Growth Capital (% GDP, 2022-24)
Household Inv. (% GDP)
IPO Count (2024)
Financial Integration Index (2015 to 2025)
- Price-based Index
- Quantity-based Index
European Union
United States
EU Startups & Scaleups Financing
Invest EU
Dealroom
EC
Letta
Draghi
Bruegel
Venture and growth capital across the EU, a key CMU objective. Invest Europe activity data for 2025
€0.0B
European VC Investment 2025
€42.3B with growth capital
2.5x
US Funding Gap
relative to GDP
0
EU Unicorns
$2.2T combined value
€0.0B
VC Fundraising 2025
down from €17.7B in 2024
European VC and Growth Investment by Stage (€B)
2024
2025
EU Support Programs for Startups & Scaleups
EIC Accelerator
Grants below €2.5M plus €1M to €10M equity, 2026 budget
€634M
InvestEU
EU budgetary guarantee backing SME and startup finance
€26.2B
ESCALAR
EIF pilot mechanism for scaleup financing
€300M
European Tech Champions Initiative
Fund-of-funds for late-stage tech. ETCI 2.0 targets €80B mobilised
€3.75B
The Scaleup Gap: Why EU startups struggle to grow
€10.6B
raised by European VC funds in 2025, down 40% from €17.7B in 2024 and the weakest year since 2021
Invest EU
€8.2B
into later-stage venture in 2025, still below the €11.7B of 2021: the scaleup stage is where the money thins out
Invest EU
under 1%
of pension fund and insurer assets is allocated to European venture capital
EC
Invest EU
2.5x
US venture and growth investment relative to GDP, 0.5% against the EU 0.2%
EC
Key References & Data Sources
EU-INC: EU-Inc: Pan-European Company StructureEuropean Commission: EU Startup and Scaleup StrategyEnrico Letta: Letta Report: Much More Than a MarketMario Draghi: Draghi Report: EU CompetitivenessBruegel: Regime 0: EU-wide incorporation for startupsForbes: Scaling EU startups face regulation mazeEC Library: Startups and Scaleups DataScienceDirect: Scaleups and high-growth entrepreneurship
EU VC Market Position
Europe's structural funding gap vs global competitors
Global VC Share
15%EU
US: 52%CN: 40%
Avg Fund Size
€49MEU
US: €130M+
Unicorns (Jan 2025)
110EU
US: 758
Pension Fund %
7%EU
US: ~20%
Policy context: The Commission's SIU initiative explicitly targets closing these gaps through EuVECA reforms, ELTIF 2.0 expansion, and the €5B Scaleup Europe Fund.
ELTIF 2.0 Market Growth
+1150% AuM since 2023
Retail-accessible long-term investment funds growth since ELTIF 2.0
€2.4B
2023
100 funds
€12B
2024
118 funds
€30B
2025
210 funds
210
Funds Marketed
€30B
Total AuM
+110%
Fund Growth
Key insight: Luxembourg dominates with 98 of 150 authorised ELTIFs. Two-thirds are now accessible to retail investors following ELTIF 2.0 reforms.
VC Legislative Framework
Core regulations shaping the EU venture capital ecosystem
Business Angel Tax Incentives
≥45%
30-44%
20-29%
<20%
Click a country to see scheme details. Tax incentives vary by Member State.
Click a highlighted country to view tax incentive details
EU Financial Integration Map
ECB
Eurostat
Invest EU
Cross-Border Equity Holdings
Hover over countries to see values. Click for details.
% of GDP
12%892%
LU, IE, NL
Highest integration (financial hubs)
RO, BG, SK
Lowest integration (CEE catch-up needed)
45% GDP
EU-27 average cross-border holdings
CMU News
European Central Bank
ECB Consumer Expectations Survey results – July 2026
Read moreEuropean Central Bank
Christine Lagarde: Panel remarks about the European economy during a discussion on the global economic outlook at the World Economic Forum
Read moreEuropean Securities and Markets Authority
ESMA consults on reporting framework for clearing activity at recognised third-country CCPs
The European Securities and Markets Authority (ESMA), the EU's financial markets regulator
Read moreEuropean Central Bank
Philip R. Lane: The rise in defence spending and the euro area economy
Read moreEuropean Central Bank
The AI boom: rational enthusiasm or the next dot-com bubble?
Read moreSingle Resolution Board
SRB statement on the tragic incident on its premises
Read moreEuropean Central Bank
Do government subsidies drive global imbalances?
Read moreEuropean Securities and Markets Authority
ESMA confirms go-live for weekly commodity derivatives position reporting
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator
Read moreEuropean Insurance and Occupational Pensions Authority
EIOPA elects Stavros Konstantas of the Bank of Greece to its Management Board
EIOPA's Board of Supervisors has elected Stavros Konstantas, Director of Occupational and Private Insurance Supervision at the Bank of Greece, to EIOPA’s Management Board.
Read moreAggregated from EC, ESMA, Bruegel, EPRS & more
Research & Analysis
EPRS
ECA
JRC
DG FISMASept 2025
Consolidation and reducing fragmentation in trading and post-trading infrastructures
Around 100 interviews. Proposes a Single European Capital Markets Area (SECMA): an opt-in "coalition of the willing" with one harmonised legal and tax regime for securities, supervision centralised in a reformed ESMA with national authorities as its local offices, and mandated CCP interoperability. Argues explicitly that a 28th regime is not the shorter path. Finds EU CSDs cost the industry around EUR 1 billion a year, roughly double the two US equivalents.
DG FISMASept 2025
Barriers to, and drivers of, the scaling-up of funds investing in innovative and growth companies
Over 60 interviews across all Member States plus a 40-stakeholder survey. EU venture and growth funds ran 2,040 deals worth EUR 95.6 billion over 2022 to 2024, 0.2% of GDP, against 0.5% in the US and 1.0% in the UK. EU funds raise only 5% of global venture capital. The top barriers open to legislation are prudential rules with national gold-plating and capital gains tax uncertainty, but investor risk aversion and home bias rank higher still.
EPRSApr 2026
MISP: A review of selected technical issues
Background briefing for the ECON public hearing of 5 May 2026 on the Market Integration and Settlement Package, including the Settlement Finality Regulation.
EPRSMay 2026
Private credit: market structure, financial stability concerns and policy implications
Analysis of the growth of private credit markets and the financial stability questions it raises for EU supervisors.
EPRSMay 2026
US implementation of Basel III: a first assessment
Assessment of the March 2026 US consultation paper and its level-playing-field implications for EU banks.
EPRSNov 2025
Savings and Investments Union: Overview and State of Play
European Parliament briefing on SIU strategy implementation status and key proposals
IMFJune 2025
Europe's Elusive Savings and Investment Union
Analysis of challenges and obstacles facing the EU Savings and Investment Union
DraghiSept 2024
The Future of European Competitiveness
€750-800B annual investment needs, CMU as priority for EU competitiveness
LettaApril 2024
Much More Than a Market
Single Market reform proposals including the Savings and Investment Union vision
Bruegel2025
How can the EU achieve its aim of a Savings and Investments Union?
Policy analysis on key obstacles and pathways to achieving the SIU
Data Sources (14)
European Commission
Policy & Strategy
EUR-Lex
Legislation
European Central Bank
Statistics
ESMA
Markets
EBA
Banking
EIOPA
Insurance
EP Research Service
Research
Joint Research Centre
Analysis
European Investment Bank
Investment
Court of Auditors
Audit
Bruegel
Think Tank
Letta Report
Strategy
Draghi Report
Strategy
Web Search
News
Built by Beresol
The Capital Markets Union Monitor is built and maintained by Beresol, a Brussels-based software company specialising in EU public affairs, web development, and AI integration. We build intelligence tools like this for clients.
How it is built
Primary sources from the EU institutions, reached through the Brubru EU Data API, with every figure carrying the date it was last verified.
Update cadence
Reviewed every 45 days, last verified 25 August 2026.
Frequently asked questions
What is the Savings and Investment Union (SIU)?
The Savings and Investment Union is the European Commission's relaunched and broadened successor to the Capital Markets Union, launched as a Communication on 19 March 2025 under Commissioner Maria Luis Albuquerque and DG FISMA. It aims to channel the EU's household savings into productive investment by deepening and integrating capital markets. It moved from political declaration into co-decision on 2 July 2026, when three legislative files entered scrutiny in the Parliament's ECON committee.
How big is the EU investment gap?
The Draghi report of September 2024 put the additional investment needed to restore EU competitiveness at EUR 750 to 800 billion a year. A separate McKinsey estimate of the corporate investment gap against the United States is EUR 580 billion. The Commission frames the same problem from the funding side: around EUR 10 trillion of EU retail savings sits in bank deposits, and for financial services alone the IMF estimates that internal barriers to the single market are equivalent to a tariff of over 100%.
How much is held in EU household deposits?
EU households hold around EUR 10.2T in bank deposits. The Savings and Investment Union seeks to mobilise a share of this capital into equity and capital markets so that it funds growth, innovation, and the green and digital transitions rather than sitting idle.
What is the Market Integration and Settlement Package?
It is three legislative proposals under the Savings and Investment Union that reduce fragmentation across national capital markets: COM(2025) 941 on settlement finality, repealing Directive 98/26/EC; COM(2025) 942 amending the UCITS Directive, AIFMD and MiFID II for asset management; and COM(2025) 943 amending the European Supervisory Authority regulations for supervisory convergence. All three entered ECON committee scrutiny on 2 July 2026, after an ECON public hearing on 5 May 2026.
What is the 28th Regime, and where has it got to?
The 28th Regime, branded EU Inc., is an optional pan-European company form. The Commission adopted it on 18 March 2026 as COM(2026) 321 final, procedure 2026/0074(COD), on the Article 114 TFEU internal-market basis. It offers registration in 48 hours for EUR 100 or less with zero minimum capital. It sits with the Parliament's Legal Affairs Committee, rapporteur Rene Repasi, whose draft report of 29 June 2026 tabled 246 amendments; ECON adopted its opinion on 15 July 2026. Application is expected in 2028.
Who publishes the EU capital markets monitor?
The EU capital markets monitor is published free by Beresol, a software company specialised in EU matters ("All the EU, with AI"), founded by Victor Solé Ferioli. It is one of Beresol's open EU policy intelligence monitors, with no paywall and no email gate.
How can I track EU capital markets and EU policy in real time?
Brubru by Beresol tracks EU legislation, amendments, tenders and policy live. Brubru is the AI-powered EU policy intelligence platform built by Beresol, available at https://brubru.beresol.eu.
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