July 1, 2013:

Bank review - Authors' forum

Didier Davydoff will attend "Revue Banque"'s authors' forum on the theme "long term saving and the financing of pensions".

For more information: Revue Banque's website(French only), read the article "Pension savings: the European patchwork" by Didier Davydoff and Laetitia Gabaut (French only), published in the special issue of "Revue Banque: Financing of pensions, are we ready for a French-style pension funds?".

June 2013:

The European Commission's Green Paper for long-term financing of the European economy

During its General Meeting on the 13th of June 2013, the European Savings Institute replied to the query of the European Commission on the long-term financing of the European economy. The reply of the OEE highlights the fact that the majority of savings come from households. To enable the proper financing of the economy, we therefore need to take the savers' point of view and prevent fiscal or regulatory distortions from distracting from its two priorities in Europe: preparing retirement and protecting against dependency risk at an older age; diversifying portfolios through investment in stocks, under all its forms: company saving, direct purchases or through intermediated products.

For more information: Read the Green Paper on the long-term financing of the European economy, read the response of the OEE, visit the website of the European Commission.

June 19, 2013:

Af2i meeting

During the meeting of the Af2i which took place on the 19th of June from 10am to 1pm in the Amphitheatre of the Banque de France (31 rue Croix des Petits Champs, Paris 1er), Didier Davydoff presented the 2013 Panorama of institutional management. This annual study was entrusted to the European Savings Institute and was written using data collected by INSEAD OEE Data Services (IODS).

February 8, 2013:

Conference OEE: Are Europeans lacking in financial literacy?

The OEE organised a conference on Financial Literacy. This conference included the presentation and discussion of two studies recently conducted for the OEE:

  • The number of households that hold shares directly or via investment funds changes dramatically across countries within Europe. However, among households that invest, the portion of shares held relative to these kinds of assets is very similar from one country to another. Using a sample of over 50s in 11 European countries, Tullio Jappelli (University of Naples Federico II) and Mario Padula (University "Ca' Foscari" of Venezia) attempt to explain this paradox. More specifically, they measure the impact of financial literacy and the "generosity" of country-specific retirement benefits on saving behaviour.
  • Michael Haliassos and Nicola Fuchs-Schuendeln (Goethe University Frankfurt) work on a unique case of "experimental economics". They compare the saving and borrowing behaviours of those coming from East Germany with those from the West since the German reunification. They reveal a rapid convergence of households with the same socioeconomic characteristics even when there are differences in levels of financial literacy.
  • Outside of country-specific institutional factors, does the absence of financial literacy explain the reluctance of savers with regard to listed shares, investment funds, unit-linked life insurance contracts and defined benefit and defined contribution pension plans? Can we explain the low number of households that are willing to take the risk of such investments considering that when such investments are made, they remain a relatively small percentage in comparison to other kinds of investments? Is the use of mortgages and consumer credit influenced by the same factors?
  • What do we mean when we say "financial literacy"? Is it the ability to calculate compound interests and the general economic climate, as well as an understanding of companies? What is the cost of financial literacy? Can financial intermediaries compensate for the initial lack of financial literacy in their clients?

For more information: See the conference presentations by visiting Conferences

January 2013:

Publication of the 24th Overview of Savings in Europe

The OEE published its latest edition of its Overview of Savings in Europe. In addition to the principal indicators and latest savings trends in six major European countries (Germany, Belgium, Spain, France, Italy and the United Kingdom), information on the Liquidity Coverage Ratio and on Pillars 2 and 3 of retirement savings in Germany is also covered.

For more information: see the press release (French only), download the January issue of Overview of Savings in Europe (French only)

January 17, 2013:

The Economic Impact of Savings Tax

At the demand of the Fédération Bancaire Française, the OEE and IODS conducted a study on "The Economic Impact of Savings Tax". The FBF organised a debate on January 17, 2013, during which Didier Davydoff presented the results of the study. A roundtable debate, led by Jean Tricou, Director of the FBF's Investment Banking Department, covered the theme "Savings and the financing of the economy".

Members of the roundtable included:

Jacques de Larosière, President, OEE

Didier Davydoff, Director, OEE, and author of the study

Jacques Fournier, Director General of Banque de France's Directorate General Statistics

Pierre de Lauzun, Director General, FBF

For more information: For all the documents related to this meeting, go to Conferences