France and Germany want the creation of a “European savings product” in order to mobilize private capital for growth, Emmanuel Macron declared on Tuesday, May 28.
“We decided together to call for the creation of a European savings product,” said the French leader during a press conference in Germany alongside Chancellor Olaf Scholz, regretting that due to a lack of adequate instruments currently , hundreds of billions of euros “leave European soil to invest” in the United States.
The creation of a European savings product has been defended for several months by the Minister of the Economy Bruno Le Maire, within the broader framework of a “capital markets union” (UMC). There already exists a pan-European savings product, created in 2019, the PEPP (Pan European Personal Pension Product), but its distribution faces non-harmonized pricing and taxation from one Member State to another.