Political momentum has recently swung behind the project, which Brussels has rebranded as the Savings and Investments Union (SIU). Back-to-back crises have had a bruising effect on many national budgets across the bloc. Without the power of the public purse, the EU has found itself ill-prepared to modernize the bloc’s economy and boost its defenses to deter Russian aggression — a goal that’ll cost around €800 billion a year.
Policymakers hope they can encourage Europeans to invest their massive savings into financial markets to turbocharge the economy. EU citizens have around €11 trillion in cash lying in their bank deposits, rather than investing it in European stocks.
While Commission President Ursula von der Leyen has backed calls to examine a two-speed Europe to integrate capital markets if SIU fails to progress by June, EU officials have cautioned E6 countries to consider how other governments will perceive the outcomes of their negotiations.
European Commission President Ursula von der Leyen speaks during a press conference in Brussels on April 13, 2026. | Dursun Aydemir/Anadolu via Getty Images
Ireland and Portugal have warned that the “E6” supergroup could bulldoze the opinions of others to pursue their own goals, as EU officials weigh the benefits of creating smaller groups of countries and pursuing financial integration through “enhanced cooperation.”
Diplomats from the E6 countries have played down those fears, stressing that they’ve repeatedly debriefed the remaining 21 EU finance ministers about their work. But they are adamant that integrated financial markets are vital to ensure the EU can compete with other geopolitical powers.
Flagship project
The six countries have been seeking common ground on topics related to asset management, financial trading, cryptocurrencies, market oversight, and the governance structure within the EU’s securities regulator — all of which are central to the SIU’s flagship legislative initiative, called the Market Integration and Supervision Package.