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Regional Integration as a Key Pillar of the European Savings and Investments Union

Eight Central and Eastern European stock exchanges have presented a joint position in response to the European Commission’s consultation on the Savings and Investments Union and the Market Integration and Supervision Package. The position paper highlights the importance of regional integration as a practical mechanism for strengthening the EU’s single capital market and points to the need for solutions that take into account the varying levels of market development across the CEE region.  

Published on 20 March 2026, the position paper by the Organisation CEE Exchanges Group represents the coordinated voice of the stock exchanges in Bratislava, Bucharest, Budapest, Sofia, Ljubljana, Skopje, Warsaw and Zagreb in the ongoing European Union debate on the future shape of capital markets. The document “CORE: Together Accelerating European Capital Markets” presents the shared priorities of the Central and Eastern European region, highlighting the development of strong, integrated regional markets as a prerequisite for the effective achievement of the Savings and Investments Union’s objectives, in particular capital mobilisation, SME financing and the development of a long-term base of retail and institutional investors.

“The joint position developed by the eight stock exchanges sets out concrete measures to strengthen the functioning of capital markets in the region. Streamlining cross-border processes and the consistent development of primary markets facilitate a more efficient flow of capital and improve access to finance, particularly for SMEs. An important complement to these measures is the strengthening of operational cooperation in the area of market infrastructure and the activation of retail investors through the promotion of long-term investments, increased liquidity and the removal of barriers to access to regional exchanges. These areas of development are of fundamental importance for market stability and long-term economic growth across the region,” said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.

The Central and Eastern European stock exchanges emphasise that the success of the EU’s Savings and Investments Union initiative will depend on a genuine strengthening of the role of regulated markets as the primary channel for mobilising citizens’ savings and financing innovative companies, particularly small and medium-sized enterprises. In their joint position paper, the exchanges highlight the need for a proportionate and flexible regulatory framework, tailored to the specific characteristics of smaller and regional capital markets, to ensure that the process of European integration does not lead to their marginalisation.

The position paper advocates reducing excessive fragmentation of trading, restoring the importance of stock exchanges as venues for initial public offerings and price discovery, developing simple and transparent investment accounts with tax incentives for retail investors, and increasing the role of pension funds and institutional investors in financing the real economy. Furthermore, the position paper highlights the need to strengthen local brokerage ecosystems, maintain a balance in the integration of post-trade infrastructure, and give financial supervision a development-orientated dimension to ensure that the integration of European capital markets fosters the competitiveness, resilience and cohesion of the entire Savings and Investments Union.

“As we build a European capital market, we must not lose sight of the principle of fit-for-purpose regulation. Regulations must realistically reflect the specific characteristics of regional markets, strengthen transparent stock markets as key venues for raising capital, and encourage both the active participation of retail investors and the inflow of long-term institutional capital. At the same time, we should avoid disproportionate burdens that weaken smaller, well-functioning market ecosystems. Only a proportionate, inclusive and differentiated regulatory approach – respecting the autonomy of stock exchanges within the framework of common European rules – will enable the achievement of a truly integrated, competitive and resilient single capital market in Europe,” said Dominika Niewiadomska-Siniecka, Member of the Management Board and COO, Warsaw Stock Exchange.

Today’s European capital markets require coordinated action that goes beyond the boundaries of individual countries. In view of growing competition for capital, increased investment needs linked to economic transition, and the continuing fragmentation of financial markets, regional cooperation is becoming a key element in deepening the single capital market in Europe. Joint initiatives by the stock exchanges of Central and Eastern Europe contribute to raising the region’s profile, strengthen its investment appeal and allow the specific characteristics of markets at varying stages of development to be better taken into account in integration processes.

The joint position of the Central and Eastern European stock exchanges sends a clear message that the effective integration of European capital markets should be based on strong, transparent and proportionately regulated local markets. This approach enables the effective mobilisation of citizens’ savings, improves companies’ access to capital, and strengthens the competitiveness and resilience of the European Union’s economy. The CEE stock exchanges emphasise that the Savings and Investments Union should take into account the diversity of markets and their varying stages of development to ensure that the integration process promotes sustainable growth across Europe, rather than concentrating activity in selected markets.

The published position paper is the result of cooperation initiated by the Memorandum of Cooperation signed in Bratislava on 13 November 2024 by the stock exchanges of Central and Eastern Europe and the European Bank for Reconstruction and Development. This initiative launched a systematic dialogue aimed at developing regional capital markets, particularly in the areas of primary markets, market infrastructure and investor engagement. Subsequent working meetings of stock exchange representatives, including a meeting organised at the Warsaw Stock Exchange in February 2026, enabled the clarification of common priorities and led to the development of a coherent regional position on EU regulatory initiatives.

Position paper CEE Exchanges (PDF)