European Commission to use 10 trillion Euros of citizens’ savings for EU defence
The European Commission estimates the total level of unused savings of EU citizens at 10 trillion Euros, and it intends to find ways to mobilise this money to finance its plans to militarise Europe and support the European military-industrial complex, according to a statement by European Commissioner for Financial Services and the Savings and Investment Union Maria Luís Albuquerque, distributed by the EC press service, TASS reports
“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.
