“The savings of the European Union’s 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says.  ‘The economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment,’ said the document, seen by Reuters.  The Commission will ask the bloc’s insurance watchdog in the second half of this year for advice on a possible draft law ‘to mobilize more personal pension savings for long-term financing’, the document said.”

http://www.reuters.com/article/2014/02/12/us-eu-banks-savings-idUSBREA1B1ZI20140212

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