PRESS RELEASE
European Federation OF Financial Analysts Societies (EFFAS)
Associazione Italiana per l’Analisi Finanziaria (AIAF)
26 March 2026 | Milan
EFFAS Capital Markets Forum 2026: Advancing Europe's Savings and Investment Union
The EFFAS Capital Markets Forum 2026, hosted by Banco BPM in Milan and organised in collaboration with AIAF and Swisscanto, brought together policymakers, market participants, and academics to address a central question: how can Europe more effectively mobilise savings to support investment, growth and competitiveness?
The Political Dimension of the Savings and Investment Union
The Forum’s keynote, delivered by Enrico Letta, former Prime Minister of Italy and President of the Jacques Delors Institute, set a clear direction. He argued that the success of Europe’s Savings and Investment Union (SIU) depends on anchoring it within a broader political vision – the “One Europe, One Market” project. Limiting the SIU to technical discussions risks repeating the unfulfilled trajectory of the Capital Markets Union. His message: “the time is now.”
Structural Barriers: Insurance Capital and Market Fragmentation
A central structural concern was the dramatic retreat of the life insurance industry from public equity markets. Thorsten Müller, Co-Chair of the EFFAS Capital Markets Commission, put it plainly:
"To develop deep public equity markets, we need to bring back the life insurance industry to the market. The public equity investment ratio of life insurance declined from more than twenty percent, twenty-five years ago, to less than five percent today. Accordingly, capital requirements enforced by Solvency II have to be reduced."
Beyond insurance regulation, panellists stressed that breaking down fragmentation in European supervision and market structures requires effective coordination between industry, regulators and policymakers.
Closing the Savings-Investment Gap: Retail Participation
Europe’s “savings-investment paradox” – high household savings rates coexisting with underinvestment in productive assets – was a recurring theme. Speakers from the fintech sector emphasised that for most households, the greater long-term risk is not investing. Technology, accessibility, and financial education were identified as key enablers, particularly for younger investors.
Capital Markets and Economic Growth: The SME Dimension
Adam Kostyál, President of Nasdaq Stockholm, stressed the need for a more seamless transition from private to public markets, arguing this would “unleash a lot of wealth” into public markets. The role of local investor bases, retail IPO participation, and pension systems in building a stronger equity culture was equally underlined.
Conclusion
The Forum closed with a consistent message: strengthening the Savings and Investment Union requires coordinated progress across policy, market structure, and investor participation. The direction is clear; the priority now is execution.
About EFFAS
EFFAS is a not-for-profit organisation set up in 1962 with 15 national member associations in Europe, representing more than 18,000 financial analysts, asset managers, pension fund managers, corporate finance specialists, risk managers, treasurers among many other professional profiles from the investment profession. EFFAS is a leading certification body with over 27,000 certificate holders worldwide, offering prestigious designations such as the Certified European Financial Analyst by EFFAS, the EFFAS Certified ESG Analyst® (CESGA), and the EFFAS Climate Risk Analyst (ECRA).
For any further information, please contact:
Álvaro Wagener Díez | Marketing & Communications Manager
E-mail: a.wagener@effas.com | Phone Number: +49 69 98959519
About AIAF
AIAF is an association founded in 1971 bringing together professionals in financial analysis and investment management in Italy. The association aims at promoting high-quality standards in financial analysis and communication, business valuation and contributing to the transparency and efficiency of financial markets.
For any further information regarding AIAF, please contact:
Michele Cortese | Secretary General | AIAF
E-mail: michele.cortese@aiaf.it | +39 333 584 9765
