this post was submitted on 10 Feb 2025
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EU All 27 EU Members States agreed to establish the Saving & Investment Union per Enrico Letta on F24. Every year €300 billion in European savings fly to the US, but that will soon end. (www.france24.com)
submitted 2 months ago* (last edited 2 months ago) by [email protected] to c/[email protected]
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From a Reddit user:

I briefly went through the documents about this and the entire thing is mostly about a push towards a single capital market. The most notable points are:

  • Launch of an EU-wide, auto-enrollment to Long Term Savings Product, which looks like a pension fund/savings account where citizens of the EU will be able to invest, leveraging tax incentives

  • Harmonisation of EU Member States' regulatory frameworks

  • Implementation of an EU-wide capital market access-point for small and medium enterprises so that they can have access to capital from the entire EU

  • Rollback of some red tape around the scrutinisation frameworks

  • Creation of European Green Guarantee - an EU-wide scheme of guarantees for banks to mitigate lending risks to help green investment projects and companies get liquidity

  • Introduction of a new scheme combining the European Long Term Fund with tax incentives

  • Pan-European payment infrastructure with the Digital Euro

  • Widespread availability of supranational AAA EU Bonds to increase flexibility of the European Central Bank

https://www.reddit.com/r/europe/comments/1ilmxfn/comment/mbwsdbj/

But the article is worth reading

"It's not against the American credit card, it's about the fact that we are not able in Europe to build up European credit cards," Letta said, estimating that some $300 billion a year in European savings are going into the US financial market, to a US company.

This annoys me even in Australia

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[–] [email protected] 2 points 2 months ago (1 children)

seems like a nationality thing? or at least he was implying french and italian people wouldn’t “because it’s german”

"Why? For a very simple reason. We, the Italians, will never pay with a French credit card. The French will never pay with a German credit card. The Germans will never pay with a Spanish credit card. And so the fact that we are accepting that American cards are the only credit card we use, is the effect of fragmentation."

I just don’t quite understand how it’s 2025 and these standards are just finally on the verge of potentially being started

[–] [email protected] 3 points 2 months ago* (last edited 2 months ago)

It would be the French or Italians paying with French and Italian cards which happen to follow a German standard. There's no one German company behind it, it's an interoperability standard set by the whole German banking industry. Who are very much open to take other banks on board, publish everything very openly, don't demand license fees for those standards, whatnot.

Spaniards definitely manage to give out Girocards to their German customers, both Santander and PNB Paribas are playing on the German market. I bet they also offer the standard HBCI (or whatever it's called now) software interface so you can hook it up to your accounting program etc. It's a standard feature in German banking, even the bank's web interfaces use HBCI on the backend to talk to the mainframe.