15/04/2026 - Amid geopolitical uncertainties, high transformation costs, and increasing international competition, the German Chamber of Commerce and Industry (DIHK) believes that deeper, integrated capital markets are essential to reliably provide capital for companies at all growth stages.

“The aim is an integrated European capital market that offers companies access to sufficient and affordable capital at all stages. Established enterprises will benefit as much as start-ups and scale-ups that are already in a strong growth phase. The goal is to utilise private savings more productively, share risks more efficiently, and reduce unnecessary bureaucracy more swiftly. This can sustainably enhance Europe's international competitiveness,” explains Rainer Kambeck, Head of Economic and Financial Policy and SME Division at the DIHK during today’s presentation of the DIHK position paper in Brussels.

Strengthening Capital Market Financing

The EU's capital markets remain highly fragmented and significantly underdeveloped in international comparison. While capital market financing dominates in the US, European companies still predominantly rely on bank loans. Historically rooted, these relationships between businesses and their banks operate within a well-functioning, established system. However, considering the numerous transformation projects, investment needs are increasing across the economy, especially for start-ups and rapidly growing companies. This requires additional opportunities to utilise capital market financing alternatives, enabling innovative business models to secure high capital volumes. This, in turn, supports swift scaling of such business models.

“The goal of a unified and significantly larger capital market in Europe should be to keep German and European companies competitive with better access to financing options, enabling them to grow here in Europe with innovative ideas. Access to capital must be faster, digital, cost-effective, and cross-border. The SIU is a central lever to achieve this,” Kambeck adds.

The DIHK warns that Europe continues to lag in venture capital and large-scale financing rounds, especially compared to the US capital market. “We urgently need a European market that allows young, innovative companies to scale rapidly – preventing further migration of innovative companies to the US. This includes better exit markets, more attractive conditions for IPOs, and a regulatory environment that facilitates rather than hinders investments,” stresses Rainer Kambeck.

Securitisations could also serve as an important bridge between banking and capital market financing. However, the current EU Securitisation Regulation is overly complex and hinders growth. A risk-appropriate, practical regulation would be crucial to revitalise the securitisation market, creating additional financing opportunities.

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The full DIHK paper with details is available here for download:

DIHK Position 2026 "Towards the Savings and Investment Union" (PDF, 457 KB) (only available in German).