This paper represents a plea towards a larger design and a more considered approach in European secured transactions law. It starts from a critical view of the fragmented landscape that seems to characterise European legislation in this field. It then poses two questions, one dealing with what is currently happening at European level (focusing in particular on the Financial Collateral Directive and on the European rules on retention of title in sales contracts) and the other asking what should be happening. The paper tries to give some answers to the second question, thereby contributing to the ongoing international debate on these issues.