Central Bank of Cyprus hosts event on financial literacy and European capital markets

On June 18, 2026, the Central Bank of Cyprus hosted an event focusing on the importance of financial literacy for household economic resilience and the strengthening of the European Savings and Investments Union. Governor Christodoulos Patsalides highlighted that low financial knowledge and lack of trust in investment instruments are significant barriers to economic growth. Bank of Greece Governor Yannis Stournaras noted that while European households save more than Americans, these funds often exit Europe due to fragmented capital markets. He pointed out that EU savings exceed investments by approximately 3% of GDP, with much of this capital flowing to the United States. Stournaras advocated for deeper capital market integration and common debt issuance to finance defense, energy transition, and innovation. The discussion was moderated by University of Cyprus professor Andreas Milidonis, focusing on strategies to channel internal savings into productive European investments.