Brussels Eyes Private Savings as Public Money Runs Out
1st September 2026
Last week, speaking to French business leaders gathered by Medef (Mouvement des entreprises de France—France’s leading employers’ organisation) in Paris, the Commission president lamented that such a large share of European household savings remains in bank deposits. “Unfortunately, these savings are lazy,” she said, before arguing that Europe needs to put that money “at the service of its companies.”
For now, there is no plan to confiscate deposits or withdraw money from individual bank accounts. Brussels’ proposal is different and, precisely for that reason, more politically significant: to use tax incentives, new financial products, regulatory changes, and more integrated supervision to push a greater share of private savings towards European capital markets.
This is the so-called Savings and Investments Union, presented in March 2025. The Commission estimates that around 70% of EU household savings, roughly €10 trillion, remains in bank deposits. The measures under consideration include investment accounts with tax advantages, changes to securitisation rules and regulations intended to facilitate greater participation by banks, insurers and funds.