The European Commission has unveiled a plan to channel €10 trillion in bank deposits across the EU towards strategic investments to boost the bloc's economy. EU Commissioner Maria Luis Albuquerque noted that many citizens aren't earning adequate returns on savings, leading to a loss. The proposed Savings and Investments Union (SIU) aims to rectify this by unlocking capital market potential for investments. With €750-800 billion needed annually by 2030 to compete with the US and China, the EU seeks to enhance private investment access to meet ambitious financial goals.
"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.
"Our goal must be to make investing in Europe the obvious choice by creating the conditions that will allow offering attractive opportunities, competitive returns, and low barriers," Albuquerque argued.
Mario Draghi's landmark report on competitiveness warned last year that the EU will need at least €750-800 billion per year by 2030 to stay competitive against global players such as the US and China.
"We have reached the point where, without action, we will have to either compromise our welfare, our environment or our freedom," the former Italian PM said last September, calling on member states to swiftly respond to avoid being left behind on the global stage.
#european-commission #investment-strategy #economic-competitiveness #savings-and-investments-union #capital-markets
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