The European Commission has launched a targeted consultation and evidence-gathering exercise to enhance the competitiveness of the EU banking sector.

The process was initiated on February 11, 2026, by the Brussels-based institution. The aim is to gather insights into how EU banks function domestically and internationally, their role in financing the European economy, ways to deepen the single market and banking union, and opportunities to streamline regulatory and supervisory frameworks.

This consultation follows progress made over the past decade in fortifying bank resilience through robust regulatory measures and the establishment of the banking union. The Commission asserts that banks must contribute more significantly to economic financing by supporting growth, innovation, and investments while bolstering EU competitiveness.

Feedback will shape the 2026 Competitiveness Report

The feedback received during this consultation will be integral in shaping the Commission’s 2026 report on EU banking sector competitiveness. The report is set to release in the third quarter of 2026 and will evaluate the current state of the banking system within the single market, focusing on its competitiveness and outlining an evidence-based roadmap for the future of EU banking.

Banks continue to be the primary source of financing for most EU businesses and households. They play a crucial role in directing savings towards productive investments. The consultation targets various stakeholders including banks, financial institutions, public authorities, consumer and investor groups, trade unions, companies utilizing banking services, academics, and interested citizens.

Maria Luis Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, noted that Europe’s banks are now stronger and more resilient due to solid regulatory frameworks and the banking union. She highlighted that resilience should go hand in hand with competitiveness, and called on stakeholders to provide input on how existing frameworks function, areas where simplification can be achieved, and ways to better support cross-border activities, innovation, and economic financing.

The consultation is open until April 19, 2026, while the call for evidence closes on March 12, 2026. The banking union consists of the Single Supervisory Mechanism and Single Resolution Mechanism, establishing unified supervision and resolution frameworks for eurozone banks.