Economics
Europeans Are Hoarding Billions and Have Few Plans to Spend Them
- Households’ bank deposits have surged in hard-hit nations
- ECB, commission predict savings rate will remain elevated
This article is for subscribers only.
Europe’s economy risks losing out on a massive dose of stimulus from its consumers.
Households have stashed away hundreds of billions of euros in their bank accounts under lockdown. And even though shops in many countries have reopened, surveys show little sign that people are ready to splurge just yet amid spiraling unemployment and the threat of a second wave of infections.