Welcome to Better Europe's weekly update on EU Affairs. FORGET ABOUT CMU, HERE IS THE SIU, SAYS ENRICO LETTA A decade after the birth of the Capital Market Union as the ugly twin sister of the Banking Union, it's time to move on and transform the "incomplete” project into a Savings and Investments Union, according to former Italian Prime Minister Enrico Letta in a report discussed by European leaders this week. The report mentions that private savings total a "staggering" 33 trillion euros and that these are mostly held in currency and deposits. Even worse, 300 billion a year is "diverted" into non-EU investments, mostly American, because the EU can't get its act together and remove fragmentation in markets. For finance and the two other priority sectors (energy and telecoms),…

Welcome to Better Europe's weekly update on EU Affairs. PARLIAMENT APPROVES NEW GAS AND HYDROGEN RULES After months of intensive work and almost never-ending trilogues, MEPs this week approved the EU’s new gas and hydrogen legislation with a wide cross-party majority. Beyond replacing our reliance on gas with a potential reliance on hydrogen, it brings a few positive additions including the requirement to draft decommissioning plans. Gas Distribution System Operators (DSOs) together with other stakeholders will need to draft plans on how to decommission unused infrastructure in case of future reduction in gas demand. The prioritisation of hydrogen in hard to decarbonise sectors is another positive aspect of the rules, as well as the establishment of the European Network of Network Operators for Hydrogen (ENNOH), separately from gas operators, to…

Welcome to Better Europe's weekly update on EU Affairs. MEMBER STATES KEEP RETAIL INVESTORS IN THE DARK ON SUSTAINABILITY IMPACTS As Parliament prepares to formalise its positions on their legislation where it could not yet start negotiations with the Council, the Belgian Presidency is keen to use April and May for internal decision-making between Member States. One of the major initiatives discussed is the Commission Retail Investment Strategy, which saw a lukewarm proposal to ban some kickbacks paid for financial advice where actually no such advice is given. In a full day meeting next week, national officials will discuss alternative "value-for-money" experiences in Germany and Denmark, along with two Belgian drafts on disclosure of information to consumers and on how to test whether a product is suitable for a given…