In a speech at the AFME Annual European Financial Integration conference, Central Bank of Ireland Governor Gabriel Makhlouf called for a more ambitious approach to Europe’s Single Market, arguing that greater integration in goods, services and capital is needed to strengthen European competitiveness and resilience. He said a genuine single capital market depends on two conditions: completing the regulatory architecture and creating a single safe asset. Makhlouf said the single market for capital cannot be separated from the single market for services and pointed to demand-side barriers including uneven tax treatment, financial literacy and cultural norms. He also stressed the role of national governments, citing Ireland’s national framework for Single Market implementation, pension auto-enrolment, plans to legislate for a Personal Investment Account framework by 2027 and a retail investment tax roadmap. On the supervisory side, he said Europe needs more convergent supervision focused on outcomes and argued that simplification should mean improving the application of existing rules before adding new legislation.
Central Bank of Ireland2026-05-19
Central Bank of Ireland Governor calls for deeper EU Single Market integration with completed capital market rules and a single safe asset
The Central Bank of Ireland Governor, in a speech at the AFME Annual European Financial Integration conference, called for a more ambitious European Single Market, including deeper integration of goods, services and capital and creation of a single safe asset. He highlighted demand-side barriers such as uneven tax treatment, financial literacy and cultural norms, and outlined Ireland’s framework for Single Market implementation, pension auto-enrolment, a planned Personal Investment Account framework and a retail investment tax roadmap. He also urged more convergent, outcomes-focused supervision in Europe and prioritising better application of existing rules over new legislation.