Lazy Money: von der Leyen Seeks to Activate Savings

The President of the European Commission, Ursula von der Leyen, has proposed to utilize the €10 trillion in bank deposits held by European Union citizens for enterprises, sparking discontent and concerns.

On August 27, in front of thousands of French industrialists at the central court of Roland Garros in Paris, the head of the European Commission stated that the €10 trillion in savings of European households is 'lazy,' sitting in bank accounts, with a significant portion invested outside the continent. She emphasized that Europe needs to put these resources to work for its enterprises, setting a deadline of the end of the year, preferably with 27 countries on board, or with those willing to participate.

This marked the first time in the Union's history that Brussels publicly calculated the assets of 200 million households and classified private bank deposits as strategic resources, secured by funding, significance, and timeline.

Although von der Leyen did not use the term 'confiscation,' opting instead for the verb 'serve,' that evening, politicians and the media expressed concerns using various languages. French politician Florian Philippot warned that citizens' savings have become a target, while German commentators used the term 'Enteignung' (confiscation), and Russian agencies operated under corresponding headlines. The situation recalled the events in Cyprus in 2013, when large deposits were cut in half; the 2015 Athens crisis, when ATM withdrawals were limited to €60 per day; as well as the freezing of deposits in Russia in January 1991.

The situation also has a Russian dimension. A week prior to the Paris speech, on August 18, 'The Washington Post,' 'Fortune,' and 'The Daily Beast' reported on issues within the Russian banking system, noting that citizens are cashing out their funds, fearing confiscation due to war. Meanwhile, the amount in accounts of Russian citizens, standing at 68.4 trillion rubles, actually increased in July rather than decreased.

The EU's three non-combustible safes are filled with treasury bonds, locked up with Russian billions, while the third contains Europeans' savings accounts, which have been labeled 'lazy.'