The visit of a high-ranking European Commissioner to Bulgaria raises questions about the future of the country's financial system and personal savings. On September 4th and 5th, the Commissioner for Financial Services and the Union of Savings and Investments, Maria Luísa Albuquerque, will arrive on an official visit, with a program focused on key aspects of economic policy. According to a statement from the Representation of the European Commission in Bulgaria, her visit aims to expand the dialogue on the new EU strategy for directing savings towards productive investments.
High-level meetings
In the center of the capital, where key financial and state institutions are located, Commissioner Albuquerque will hold a series of important meetings. One of her main stops will be the Ministry of Finance, where she will speak with Minister Temenuzhka Petkova. In parallel, she has scheduled a meeting with the Governor of the Bulgarian National Bank, Dimitar Radev. These talks are expected to bring to the forefront issues related to increasing the competitiveness of the Bulgarian financial sector, as well as discussing specific mechanisms for implementing the European initiative for a new union of savings and investments.
In addition to meetings at a high state level, Commissioner Albuquerque will also meet with a wide range of stakeholders. Her program includes discussions with representatives of specialized bodies and institutions from the financial, banking, and insurance sectors. Special attention will be paid to interaction with representatives of employer, trade union, and consumer organizations. This wide range of meetings emphasizes Brussels' desire to achieve comprehensive understanding and support for the new strategy, which affects both institutions and ordinary citizens.
EU savings strategy
The new strategy of the European Commission, adopted earlier this year, aims to redirect the huge volumes of personal savings, which are currently held in bank deposits, toward more profitable investments. On its official website, the EC specifies that the main goal is to increase the participation of EU citizens in the capital markets, which will lead to an increase in their personal wealth and stimulate the economy of the entire union. To achieve this, the initiative provides for the creation of more investment opportunities and the improvement of the financial literacy of the population.
The data provided by the European Commission paints a clear picture of the state of savings in the EU. About 70% of household savings, with a total value of an impressive 10 trillion euros, are held as bank deposits. Although these deposits provide security and easy access to funds, they generally generate a significantly lower return compared to the potential profits from investments in the capital markets. The new strategy aims to change this model by enabling Europeans to manage their wealth more effectively and save better for their future. In this context, Commissioner Albuquerque's visit to Sofia is an important stage in the process of clarifying and implementing this large-scale initiative.