Gabriel Makhlouf calls for 'genuine single market' to better mobilise Europe's savings

Comments from the governor of the Central Bank of Ireland come amid a push within the EU to introduce a Savings and Investment Union

Gabriel Makhlouf said that while saving money may be 'prudent' for individuals on a macro level it can 'dampen demand and constrain growth if not channelled into investment'.

Governor of the Central Bank of Ireland, Gabriel Makhlouf, has called for improvements to the single market in order to better mobilise Europe’s built-up savings and allow for more investment.

This comes as finance minister Simon Harris has floated plans to introduce a new savings scheme that would encourage people to invest their built-up savings. Other European countries such as Sweden already have similar offerings for savings.