De Nederlandsche Bank published a speech by Olaf Sleijpen calling for faster progress on the European Commission’s Savings and Investment Union to help channel household savings into productive investment and strengthen Europe’s competitiveness. He argued that Europe’s capital markets remain too fragmented and urged EU member states to dismantle national barriers that hinder cross-border investment. The speech pointed to obstacles including 27 different insolvency regimes and other national requirements affecting cross-border investment and supervision, and cited households holding more than EUR 10 trillion in low-yield deposits alongside a lack of risk capital for scale-ups. Sleijpen welcomed Commission initiatives to expand investment pools, including proposals on pension reform and citizens’ savings accounts, and noted the Netherlands’ participation in the Finance Europe “coalition of the willing” to boost retail investment. He also supported the Commission’s Market Integration Package, including proposals to harmonise supervision under the European Securities and Markets Authority (ESMA) and to centralise supervision of significant cross-border market participants and infrastructures, while calling for governance that involves non-ESMA members with supervisory responsibilities and signalling openness to a stronger EU-level macroprudential framework for investment funds. Looking ahead, the speech argued that the Market Integration Package will not be sufficient without member state action in areas such as taxation and insolvency law and without further progress on the Banking Union, including cross-border liquidity waivers for banking groups and simplification of the bank rulebook without lowering prudential standards. It also referenced an expected European Commission report on the European banking sector later in 2026.
De Nederlandsche Bank 2026-02-06
De Nederlandsche Bank urges EU member states to remove barriers as it backs the Savings and Investment Union
Olaf Sleijpen of De Nederlandsche Bank stressed the need to accelerate the European Commission’s Savings and Investment Union to boost cross-border investment and competitiveness in Europe, citing fragmented capital markets and national barriers. He supported the Market Integration Package and urged member state action on taxation, insolvency law, and Banking Union advancements, highlighting the Netherlands' role in boosting retail investment.