Context: On September 1, 2026, Euronews reported on a proposal by eleven EU countries to move away from the unanimity principle in foreign policy decision-making. Currently, a single country can block a joint decision. Supporters of the reform argue that this principle has paralyzed the European Union’s foreign policy in recent years. Under Viktor Orbán, Hungary exercised its veto power particularly frequently. After his departure, reform advocates decided to act because they might not have another opportunity. As early as next year, the Eurosceptic Marine Le Pen could win the French presidential election.
On August 29, 2026, SB. Belarus Segodnya, a state-run publication, claimed on its social media accounts that European Commission President Ursula von der Leyen intends to seize the private savings of EU citizens:
“Ursula von der Leyen has expressed a desire to seize the private savings of EU citizens, saying, ‘Europe has savings. And unfortunately, those savings are sitting idle. Today, EUR 10 trillion in household savings are kept in bank accounts. And a large share of Europe’s savings is invested outside our continent. Europe now needs to put these savings to work for its companies. We have tabled proposals. Together, these measures could unlock up to EUR 470 billion in additional investment.’”
The quote from von der Leyen is authentic. She made these remarks in late August during the annual meeting of French business leaders in Paris. However, the President of the European Commission did not mention seizing Europeans’ money. The goal was to encourage EU citizens to invest their savings in European companies, in addition to keeping them in bank deposits. Many Europeans who invest in stocks often choose American, Asian, and other markets.
To this end, the “Savings and Investment Union” program was launched in 2025. As part of the initiative, Member States can adjust their tax and investment rules. One idea is to create special investment accounts through which people can buy stocks and bonds, including on the European stock market, and receive tax breaks on income from such investments. The specific terms are determined by each Member State.
For example, Poland has passed a law on investment accounts under which investment income is exempt from the 19% capital gains tax. The rationale is that people will be able to earn more from their investments and then reinvest a portion of the proceeds.
The program makes no mention of confiscating savings. On the contrary, the European Commission emphasizes that people will be able to invest their money only if they choose to do so. The €470 billion figure cited by von der Leyen does not imply confiscating savings, either. According to the European Commission’s estimates, this is the amount of additional funding European companies will be able to raise annually.
