Last week in Brussels, the European Commission introduced two initiatives that sparked significant controversy and heated discussions on social networks. The first, the White Paper for European Defence – Readiness 2030, aims to enable EU member states to invest more significantly in their defense sectors. The second, the strategy for a savings and investment union, is designed to create more incentives for investment, allowing Europe-wide funds to be established for citizens to invest in various sectors, including environmental, digital technology, and defense.

A claim that has emerged on social media suggests these new EU plans threaten the private savings of European citizens. However, EU Commission President von der Leyen has promised that households will have more and safer opportunities to invest in capital markets and increase their wealth.

The EU does not have direct access to savers’ private assets, and the initiative aims to give more control to citizens over their investments. It is not intended as expropriation. Furthermore, the EU cannot invest savers’ money in defense without their consent or knowledge. The Deposit Guarantee Scheme ensures that investors are compensated in the event of bank failures. Dismissing fears of EU plans taking citizens’ money, authorities and experts point to the legal system in place to protect savers’ funds.

Source: https://www.dw.com/en/fact-check-does-the-eu-want-to-steal-private-savings/a-72067901?maca=en-rss-en-all-1573-rdf