The European Commission has unveiled a plan to mobilize €10 trillion of citizens’ savings to enhance EU defence capabilities, marking a significant shift in funding strategy.

“A large part of Europeans’ savings lies in the form of deposits at very low interest rates (between 0.3 and 0.8 percent per annum) and even in the form of cash reserves. Mobilising even a small part of these resources will change the investment landscape in the EU,” the European Commissioner said.

“European Commission President Ursula von der Leyen’s announced plan to rearm Europe will rely heavily on attracting this private investment,” Ms. Albuquerque noted.

According to her, Europe’s problem is the gap between idle savings and enterprises in need of funds. Therefore, the EC intends to create a new scheme to mobilise owners’ funds for investment in EU industry, which will be implemented under an EU programme: the Investment and Savings Union.

According to von der Leyen, the European armament plan should attract 800bn Euros to the EU’s military industry by 2029.

https://www.sb.by/en/european-commission-to-use-10-trillion-euros-of-citizens-savings-for-eu-defence.html