BRUSSEL - The European Commission wants to boost Europe's economy by redirecting the savings of citizens across the EU towards investment to stay competitive on the global stage.
The European Commission unveiled on Monday a plan to better channel up to €10 trillion in bank deposits across the bloc into much-needed strategic investments.
“Currently, too few European citizens make a decent return on their hard-earned savings, at least not in a simple and cost-efficient way,” EU Commissioner for Financial Services Maria Luis Albuquerque told reporters in Brussels. “This is regrettable and represents a loss to us all,” she added.
Capital in the EU isn’t lacking: European households save €1.4 trillion annually compared to €800 billion in the US — yet €300 billion of those European savings flow into non-EU markets each year.
The proposed Savings and Investments Union (SIU) aims to address these missed opportunities by improving the channeling of savings into productive investments, unlocking the full potential of the bloc's capital markets for both companies and citizens. (Euronews/AP)
