The amounts kept in the coffers have become so significant that some politicians would diversify their use. Imagine, in total, the French nest egg (if we include stocks, life insurance, savings accounts, current accounts, etc.) represents 6,000 billion euros, or twice the country’s debt. Regulated savings alone (Livret A, LDDS LEP and PEL) are close to DKK 1,000 billion.
Ideas abound
During the legislative campaign, environmentalist Sandrine Rousseau said she was ready for it “limit savers” to help “take back control of the debt”. A proposal that was not unanimous. More broadly, “using the phrase ‘dip into savings’ is extremely dangerous because it gives the idea of depoliation”emphasizes Philippe Crevel, director of the savings circle.
But there are plenty of ideas anyway. Rather, the President of the Republic Emmanuel Macron and his outgoing Economy Minister Bruno Le Maire envision one “European savings product […] which will make it possible to finance major projects on climate change, artificial intelligence or defence.” A difficult project to implement politically, but which can rely on the 35,000 billion euros in European savings, according to the Circle of Economists.
National Rally (RN) is working on “a financial product oriented towards strategic sectors such as large infrastructure projects. »
A project to finance the army
Emmanuel Macron and Bruno Le Maire, on the other hand, were reluctant to allow Livret A savings to finance the army when a law emerged in the National Assembly in March 2024, before being rejected by the presidents of the band. But is tapping into this nest egg a good idea? “Savings today are not a safe, except those placed under the mattress, recalls Philippe Crevel. Livret A finances social housing with 60% via Caisse des Dépôts and SMEs with 40% via banks. And the State is financed through savings funds and life insurance. »
In fact, these products finance almost half of the national debt in the same way that individuals’ current accounts participate in loans granted by banks. Some “may think that households have too much money and want to tax it by imposing more, but any increase in life insurance goes down quite badlyrecalls Philippe Crevel. It’s a debate that already existed in the 1970s.”
