Brussels, (Unib Rashid) – Around €300 billion in European savings is transferred abroad every year, primarily to the United States, for investment, European Commission President Ursula von der Leyen said while addressing the La REF Summer Business Conference.

She said the €300 billion in European savings that has traditionally flowed abroad, mainly to the United States, will now be channelled into investments within Europe.

Von der Leyen said all 27 EU member states have agreed to establish a Savings and Investments Union (S&I Union), describing it as an important step towards achieving a fully integrated Capital Markets Union.