Brussels Bets Private Savings to Fund Europe’s Transformation
EU Commission President Ursula von der Leyen says roughly €10 trillion of European household savings sit in bank deposits and is pushing a Savings and Investments Union to steer private money into European capital markets. The plan, potentially unlocking up to €470 billion in extra investment through tax incentives, new products, and tighter supervision, comes as the Draghi report estimates Europe needs €750-800 billion annually for digitalisation, energy, defence and infrastructure, while public debt remains high. Critics argue this is another revival of the Capital Markets Union under a new name, treating private savings as a strategic EU resource rather than a personal asset, and warn that deeper integration may not deliver the desired results without real reform.