The Central Bank of Ireland published remarks by Governor Gabriel Makhlouf to Eurofi arguing that mobilising Europe’s savings depends on a more productive and innovative real economy operating as a genuine Single Market, with financial market reforms alone unable to substitute for stronger economic performance. He noted that euro area households hold nearly EUR 10 trillion in deposits and savings rates remain above pre-COVID levels, but a significant share of savings is invested outside the European Union. Priorities set out included strengthening Europe’s growth prospects, completing and deepening the Single Market particularly in services, building more effective and integrated capital markets, and maintaining macroeconomic and institutional stability; removing remaining services barriers was presented as central to boosting productivity and enabling a step change in capital market development. Makhlouf also called on policymakers to develop a European safe asset to anchor institutional capital and reduce the pull of alternatives outside the EU.
Central Bank of Ireland 2026-03-27
Central Bank of Ireland Governor Makhlouf urges deeper EU Single Market and a European safe asset to mobilise savings
Central Bank of Ireland Governor Gabriel Makhlouf stressed at Eurofi that Europe's savings mobilization needs a more productive real economy and a genuine Single Market, beyond financial market reforms. He noted euro area households hold nearly EUR 10 trillion in deposits, with significant savings invested outside the EU. Makhlouf called for stronger growth prospects, deeper Single Market integration, and a European safe asset to anchor institutional capital.