Current crises are not limited to savers. According to the European Commission, deposits in the euro zone lost around 11% in value.
The commission declared this average value after the German FDP MEP Moritz Körner made a request in this regard. Thus, household deposits lost on average around eleven percent of purchasing power from the beginning of 2022 until April 2023. The consequences of the corona pandemic and the war in Ukraine are responsible – but not only, as some claim .
More >> Inflation rose to 7.5 percent in August
In a letter, Mairead McGuinness, EU Commissioner for Financial Services, cites “pandemic-related supply bottlenecks” and the Russian war of aggression as reasons for the problem. The latter “further disrupted supply chains in important sectors” and caused energy costs to rise. Despite the decline, inflation is still well above savings interest on bank deposits – which is why purchasing power is falling.
6 billion in Austria alone
According to “Spiegel”, liberal MEP Körner sees other reasons for the misery: mainly in the policies of the European Central Bank (ECB). President Christine Lagarde “destroyed more than a tenth of the value of her life savings in just a few months,” said the politician. The ECB is responsible for the significant loss of savers’ wealth, as it began printing money during the pandemic and only then hesitantly increased the key interest rate.
More >> Megainflation – savers lose 20 billion euros!
In Germany, private household savings deposits fell by more than 13% in value between January 2022 and June 2023. But what is it like in this country? According to an estimate by Agenda Austria, Austrians’ savings deposits lost more than €6 billion in value over the past year.
Economist Lea Steininger explains why inflation is not falling in Austria:
Browsing account red hour 09/03/2023, 9:41 pm | Act: September 3, 2023, 9:43 pm