Central Bank governor says 'genuine single market' needed to keep savings within Europe

Central Bank governor Gabriel Makhlouf. Mr Makhlouf said there is a critical need to strengthen Europe’s single market as the foundation for mobilising the continent’s substantial savings. Picture Conor McCabe Photography. 

The Central Bank of Ireland governor Gabriel Makhlouf has urged European policy makers to develop a European safe asset to anchor institutional capital and prevent European savings from being pulled outside the EU.

Mr Makhlouf made his comments on Thursday night while addressing a meeting of European finance ministers in Dublin. The comments also come as Tánaiste and finance minister Simon Harris will give further details of Ireland's new personal investment accounts as part of Budget 2027.