On 20 May 2026, Financial Services Commissioner Maria Luís Albuquerque, in a speech at the 6th Annual European Financial Integration Conference organised by AFME, called for an ambitious approach to the Savings and Investments Union (SIU) and announced a consultation on the Markets in Crypto-Assets Regulation (MiCA). She stressed that incremental progress is no longer sufficient and that the EU must deliver on its joint ambition, as expressed in the 'One Europe, One Market' roadmap signed recently by Member States, the European Parliament, and the European Commission.
to revive securitisation, boost equity financing, improve financial literacy, and create a genuine single capital market. She noted that since the SIU was launched in March 2025, the Commission has delivered several proposals, including the Market Integration and Supervision Package (MISP) designed to improve capital flows across the EU. The speech also addressed banking sector fragmentation, citing IMF, ECB-SSM, and industry estimates that around €250 billion in liquidity capacity remains locked within national borders. She stated that the Commission has closed a public consultation on barriers to a single market in banking and will deliver a report before summer 2026, with a reform agenda expected early next year.
Albuquerque emphasised that innovation must be embedded in the financial system, pointing to MISP's provisions on DLT, tokenisation, and digital assets. She announced the launch of a consultation on MiCA, taking stock of early implementation and market evolution, and invited stakeholders to participate. The speech concluded with a plea for support to achieve an ambitious agreement on SIU files by the end of 2026, warning that short-term caution should not outweigh Europe's long-term potential.
The speech contained concrete proposals, including the MiCA consultation and the upcoming banking barriers report, but largely reiterated existing commitments. The policy orientation is towards deeper integration and innovation, with a focus on competitiveness and scale. In terms of EU vis-à-vis third countries, the speech is conciliatory but assertive, emphasising building EU capacity rather than closing doors.
EU financial intermediaries face new opportunities from deeper markets but also compliance costs from updated regulations. EU companies, especially SMEs, may benefit from improved access to capital. EU citizens could gain better savings and investment tools. National authorities may see reduced fragmentation but need to adapt to a more integrated supervisory framework. The trade-off is between market integration and national sovereignty, with moderate positive impact on competitiveness and moderate negative impact on national regulatory autonomy.