Ms Schriever, in March 2025, the European Commission presented its communication on the planned European Savings and Investment Union (SIU). How do you assess the plans – particularly from the point of view of sustainability?
In the view of the DSGV, the European Savings and Investment Union is an important opportunity to drive the development of the economy towards greater sustainability and digitalisation. Europe can only secure its future viability if it invests boldly in its competitiveness – in infrastructure, innovation, digital independence and defence capability. Competitiveness and sustainability must not be played off against each other. A sustainable, climate-friendly economy is the foundation for the prosperity of tomorrow and beyond.
How exactly is the planned savings and investment union supposed to drive economic development?
More private capital urgently needs to be mobilised in order to finance the necessary investments. To date, around 70 per cent of private household savings are held as bank deposits – around 10 trillion euros! This represents enormous potential for the future viability of the European economy. SMEs in particular, as the backbone of economic development in many European countries, must be strengthened. This is why, in addition to promoting capital market financing, there is also a need to strengthen traditional loan financing, both of which serve different target groups and needs. Traditional loan financing remains essential, especially for small and medium-sized companies.
What advantages does the Savings and Investment Union offer citizens?
A stable economy ensures prosperity for all. Citizens can use their money to make a direct contribution to creating a sustainable impact – economically, ecologically and socially. Bridges, railways and schools built today are long-term assets that will enable future generations to achieve economic success in the first place. At the same time, citizens receive secure investment and savings opportunities with attractive returns. Another advantage is the simplified access to the capital market. It is becoming increasingly important that as many people as possible utilise these opportunities for better asset accumulation and their own retirement provision that takes account of demographic trends.
What role do the savings banks play in the implementation of the planned Savings and Investment Union?
The SIU has many links to what savings banks have long stood for: Financial education, long-term wealth accumulation and stable financing. If the crises of recent years have shown one thing, it is that savings banks are a stabilising factor for the economy. People trust the savings banks. Our comprehensive advisory expertise, close ties to our customers, our regional roots and our social responsibility are indispensable when it comes to mobilising private capital. The savings banks can therefore build a bridge between the financing needs of companies and the participation of as many people as possible in sustainable prosperity.
The DSGV represents the interests of the savings banks in Brussels – sometimes also in opposition to the interests of the major European banks. Can the different positions be brought into balance?
We, as the Savings Banks Finance Group, are a key pillar of Europe’s economic strength through our role as a partner to German small and medium-sized enterprises. We stand for a European economy that not only grows centrally, but also in a decentralised manner. Investments must be made where they will have an impact: in companies, local authorities and among the people who are actively shaping change. The aim of the SIU must therefore be to utilise and strengthen all possible sources of investment for sustainable development. The project must not lead to advantages for individual bank groups at the expense of others under the guise of a major investment task. Anyone who tries to use the debate to weaken effective national protection systems is not acting in the interest of the European economy or the stability of European societies. The current challenges facing Europe are too big and too important to rehash old debates.
Where do you think the concept needs to be clarified or sharpened?
Good supervision must continue to be closely orientated towards the national markets in order to take account of national characteristics, especially for European competitiveness. We therefore take a critical view of any expansion of the supervisory powers of the European supervisory authorities. The introduction of additional bureaucratic requirements, such as extra tests and extended disclosure obligations, can also be avoided in order not to discourage small investors from investing in securities.
What are your most important demands on legislators and regulators in this context?
We need bold structural reforms to reduce unnecessary regulatory requirements that make investing cumbersome and time-consuming. The option to choose between commission-based and fee-based advisory models must also be maintained. Young and inexperienced people in particular need support through personal counselling. A ban on certain forms of investment advice would contradict the idea of social participation and the goal of attracting more people to capital investments. It will also be crucial to overcome the polarisation of ecology and economy that we are currently experiencing. The two belong together. Sustainable investments in climate protection or resource efficiency reduce costs, provide competitive advantages, and open up new markets. Legislators and regulators must set the right course here – not only within the framework of the SIU – without stifling economic dynamism through excessive bureaucracy. Ultimately, it is also about Europe’s economic and thus strategic sovereignty.
Ms Schriever, thank you very much for the interview!