Since the Covid-19 crisis, the household saving rate has risen sharply in France, as in most European countries, and remains significantly higher than before the pandemic. Europe therefore has a considerable pool of savings, particularly large compared with Anglo-Saxon countries, where funded pension systems provide stronger incentives for long-term investment.

Yet these savings remain largely invested in cash and short-term products, while European companies continue to rely primarily on bank lending for their financing. This structure limits their capacity to invest, innovate and take risks. By comparison, the equity of non-financial corporations amounts to around 220% of GDP in the United States, compared with 85% in Europe.

At a time when financing needs are particularly pressing – to support the green and digital transitions, but also to address the challenges of defence and economic sovereignty – one question is becoming increasingly urgent: how can European households’ long-term savings be mobilised to finance businesses?

This event will feature the presentation by Fabrizio Pagani of the recommendations of the Jacques Delors Institute’s Task Force on the Savings and Investment Union, followed by a Q&A session and a roundtable discussion on the levers needed to scale up the Savings and Investment Union.