EU to rechannel funds towards savings and investments
The European Union (EU) is set to introduce a significant initiative aimed at bolstering its competitiveness - the Savings and Investment Union (SIU). This complex package of measures, which goes beyond a single law, is poised to play a key role in the EU's competitiveness strategy.
At the heart of the SIU lies the ambition to bridge the gap between the approximately 10 trillion euros in classic bank deposits in the EU and the EU's annual investment need of up to 800 billion euros. The union aims to mobilise capital, promote innovation, and transform Europe's financial system.
The role of banks within the SIU is sensitive and requires careful consideration. Rather than replacing traditional banking, banks should be more closely integrated within the SIU. This integration is intended to provide more participation opportunities for citizens, better financing prospects for Small and Medium-sized Enterprises (SMEs) and start-ups, and a more stable, European integrated financial system.
The success of the SIU hinges on the involvement of all actors: citizens, banks, companies, and member states. Charles Krier, an expert from Annerton, discusses these plans in the "Alles Legal" podcast, emphasising the potential of the SIU to realise its ambitious goals.
Dana Wondra, a consultant and project manager at GOLT Coaching, is also involved in the conversation about the EU Commission's plans for the SIU. With experience in marketing and public relations, particularly in the context of the Olympic Training Center Berlin e.V. and various Olympic campaigns, Wondra brings a unique perspective to the table. Since August 2023, she has been working at Payment & Banking as Senior Manager Marketing.
The SIU package includes measures for financial education, recognising the importance of equipping citizens with the knowledge they need to make informed decisions about their savings and investments. However, challenges remain, such as harmonized supervision, tax incentives, digital participation platforms, and financial education.
The EU intends to use savings more effectively, directing capital towards areas such as innovation, climate, defense, and digitalization. The SIU, if successfully implemented, could be a significant step towards a more integrated, competitive, and sustainable European economy.
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