Overview

Ireland assumes the Presidency of the Council of the European Union from 1 July to 31 December 2026, and the Government has now published its policy programme (the Programme) for the months ahead. The Programme states that Ireland’s Presidency will be defined by action and delivery, and is focused on the core themes of European competitiveness, values and security. In the area of financial services, the dominant theme is competitiveness. In this vein, the Programme highlights the “One Europe, One Market Roadmap” (the Roadmap) agreed by the Council, the European Commission and the European Parliament in April 2026, and states that implementing the objectives of the Roadmap is a core priority of the Presidency.

This briefing sets out the key financial services-related priorities from the Programme which are of direct relevance to clients active across all financial services sectors.

Savings and Investments Union

Within the Economic and Financial Affairs Council (ECOFIN), the Irish Presidency intends to prioritise the objectives of the Savings and Investments Union (SIU). The SIU is the EU’s overarching strategy for future financial services initiatives, which aims to strengthen the EU’s financial system by better channelling savings into investments, removing barriers within the Single Market, and boosting economic competitiveness. A number of legislative files sit within the umbrella of the SIU, including the proposed reforms to the Securitisation Regulation and the Market Integration and Supervision Package. A table setting out these files and the Irish Presidency’s related commitments is set out below:

The Market Integration and Supervision Package is a set of EU legislative proposals aimed at reducing fragmentation, simplifying regulation, and improving supervisory consistency across capital markets to make cross‑border activity more efficient. A core component of the SIU, it aims to improve cross‑border fund distribution, reduce national gold‑plating, and strengthen how the fund passport operates in practice.

The European Commission’s report on the competitiveness of the European banking sector is due to be published in July 2026, and the Irish Presidency has committed to facilitating Council discussions with a view to promoting simplification and a level playing field in the internal market and globally. This reflects the Presidency’s recognition that investing in EU competitiveness requires a strong and stable European banking sector, given the heavy reliance of EU businesses on bank-based financing, and actions are required to mobilise resources for longer-term economic growth and competitiveness. As per the Roadmap, legislative proposals on amendments to the European banking framework are targeted for Q1 2027, with political agreement targeted for Q4 2027.

Digital Euro

The aims of the digital euro include protecting Europe’s monetary sovereignty and economic security, fostering innovation in payments and ensuring the European payments ecosystem remains competitive. In light of this, the Irish Presidency has committed to progressing work on the digital euro and reaching trilogue agreement on the enabling framework by the end of 2026.

The Simplification Agenda

An overarching theme of the Programme is the need to strengthen the foundations of EU competitiveness by enhancing regulatory effectiveness. In light of this, the Irish Presidency will promote regulatory simplification, policy coherence, a proportionate approach and better enforcement in the area of financial services. This includes reviewing existing legislation to reduce unnecessary complexity, improving consistency of supervision, lowering the administrative burden, and ensuring that EU law delivers effectively for citizens and businesses.

ESG

The Irish Presidency has also committed to action points in the areas of sustainable finance and biodiversity finance to support the green transition. The Irish Presidency will engage in trilogue negotiations on the proposed reforms to the Sustainable Finance Disclosure Regulation (SFDR) and work towards a political agreement. The Irish Presidency will also focus on shaping the debate on biodiversity credits, developing principles relating to ecological integrity, additionality, social safeguards, and permanence (necessary to prevent greenwashing), in order to bridge the biodiversity finance gap.

Conclusion

The Irish Presidency’s financial services agenda is substantive and ambitious. The six-month window from July to December 2026 is likely to see meaningful legislative progress across the SIU, the digital euro, and more broadly in the area of financial regulation simplification. We will monitor developments closely and will issue further client briefings as individual files advance through the Council and the European Parliament.

Please contact your usual firm contact if you would like to discuss any of the above matters further.