from 21st Century Wire:
In its statement dated 7 March 2024, the Governing Council of the European Central Bank (ECB) emphasized the importance of expediting the Savings and Investments Union initiative. This project, as articulated by European Commission President Ursula Von der Leyen, employs nuanced language and financial terminology whilst presenting the project as an investment opportunity, to obscure a strategy aimed at leveraging the savings of EU citizens to enhance the defense sector within the European Union. During the press remarks by the European Commission on the first 100 days of the 2024-2029 Commission, EC President Ursula Von der Leyen highlighted the Savings and Investments Union project in the context of mobilising private capital for defence as part of the ReArm Europe Plan, stating:
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‘Only an effective, deep and liquid capital market can turn savings into much-needed investments. Progress here is no longer a ‘nice-to-have.’ It is a ‘must-have.’ In today’s world, maintaining Europe as an economic powerhouse is also a matter of collective security’
Around EUR 10 trillion of retail savings within the European Union are currently maintained in bank deposits, offering both security and liquidity. The European Central Bank aims for EU households to transform their savings (deposits) into financial assets, a move which could potentially redirect up to EUR 8 trillion into market-oriented investments in the European economy, especially its defense sector, resulting in an annual influx of approximately EUR 350 billion.
Discover additional analysis regarding this bold yet contentious initiative aimed at utilizing trillions of “unallocated” European savings for defence-related objectives…
VIDEO: Unlocking Europe’s Wealth:EU Commissioner Maria Luís Albuquerque unveils the European Commission’s Savings and Investments Union (SIU) strategy
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