Ibec has said they want to see the advancement of the Savings and Investment Union which they say will boost competitiveness.

The country's largest lobby & business representative group also wants to see the completion of the Banking Union, as well as the establishment of a common fiscal capacity, which they say are vital for a more competitive and resilient European economy.

Despite concerns expressed about the impact on smaller countries such as Ireland, Ibec's new policy paper argues that Ireland stands to benefit greatly from the Commission’s plan.

It would, they argue, mean greater access to finance for both consumers and business.

It is estimated roughly a third of Europeans' savings lay dormant in commercial bank accounts – double the amount in the US. 

The Savings and Investment Union is ultimately about getting EU citizens’ savings to fund productive investments.

A Communication on the Savings and Investment Union is expected from the Commission on 19th March, which follows on from the Mario Draghi report on the future of EU competitiveness.

Neil Willoughby, Head of EU Policy at Ibec, said: "The EU faces several challenges, including fragmented capital flows, an underdeveloped banking sector, and limited fiscal capacity, which hinder productivity.

"Addressing these through the new savings and investment union is key to unlocking investments that will boost Europe’s productivity and competitiveness.

"For the European Commission to recognise a true Single Market for money, bold actions are needed.

"We must remove barriers to financial integration, complete the Banking Union, and unlock Europe’s fiscal potential.

"A more competitive European economy offers significant opportunities for Ireland’s businesses and consumers, including increased funding for domestic investment and higher returns for Irish savers.

"A more efficient Banking Union will also create new opportunities for both customers and Irish providers."