Irish officials confident deal close on EU savings union
EU finance ministers have reached an agreement on the Savings and Investment Union (SIU) to boost European competitiveness by integrating financial services. The deal shifts regulatory oversight to the Paris-based European Securities and Markets Authority.
Why it matters
This agreement aims to unlock €10 trillion in household savings to fund European SMEs and improve the bloc's economic resilience against global competition.
Irish officials say a deal has been reached between EU finance ministers on a key element of the proposed Savings and Investment Union (SIU), a set of new rules designed to enhance cross-border investing in order to boost Europe's competitiveness.
Officials say it is the most significant "win" of the Irish Presidency of the Council of the EU so far.
Tánaiste Simon Harris has hailed the agreement as "a practical step towards a more integrated, competitive and resilient European economy".
The agreement was hammered out at a meeting of EU finance ministers in Luxembourg this morning, chaired by Mr Harris.
Ministers accepted a compromise text on how deeper cross-border integration in financial services will be supervised at EU level.
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