Filter News Filter News Choose a category Article Blog Press Release Speech Warning Notice Filter

Governor Gabriel Makhlouf Calls for Genuine Single Market to Mobilise Europe’s Savings

27 March 2026 Press Release

Governor Gabriel Makhlouf of the Central Bank of Ireland today emphasised the critical need to strengthen Europe’s Single Market as the foundation for mobilising the continent’s substantial savings in an increasingly fragmented global environment.

Speaking at Eurofi, Governor Makhlouf outlined his vision for connecting European savings with productive investment through economic growth and market integration.

“Mobilising Europe’s savings requires us to ensure that our economy is productive and innovative and operates as a genuine Single Market, creating the prosperity that generates capital, that supports the longer-term wellbeing of Europe’s citizens.” Governor Makhlouf said.

The Governor noted that euro area households currently hold nearly €10 trillion in deposits, with savings rates remaining above pre-COVID levels. However, a significant proportion of these savings continues to be invested outside the European Union.

“The question we should be asking is not simply how to redirect those flows, but why those returns are perceived to be higher outside Europe, and what we can do about it,” Governor Makhlouf said. “Fundamentally, it comes back to the performance of the real economy.”

Governor Makhlouf emphasised that whilst the Savings and Investments Union agenda is welcome and needed, financial market reforms alone cannot substitute for real economy performance. He called for:

• Strengthening Europe’s growth prospects
• Completing and deepening the Single Market, particularly in services
• Building more effective and integrated capital markets
• Maintaining the macroeconomic and institutional stability that is Europe’s hallmark “The Single Market remains our most powerful and underutilised asset.  Thirty years after its creation, significant barriers remain, particularly in services.” the Governor noted. “Removing those barriers would not only boost productivity directly; it would also enable a step change in the development of Europe’s capital markets.”

The Governor also made an unambiguous call to policy makers to develop a European safe asset to anchor institutional capital and prevent European savings from being drawn towards alternatives outside the EU.

“In a more fragmented world, this matters more than ever,” Governor Makhlouf concluded. “By harnessing our Single Market alongside our international openness and leadership, we can ensure that Europe’s economic future is not only secure but strong.”

ENDS

Notes to Editors

Governor Makhlouf delivered his remarks to the Eurofi High Level Seminar online following the postponement of the in-person event in Nicosia.