“The Savings and Investments Union: (Finally) turning an idea into actions”

François Villeroy de Galhau, Governor of the Banque de France

AEFR/REF Conference “Where Do Savings Go?”

Paris, 11 September 2025

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2) The creation of an optional “28th regime” could lower administrative costs for firms, especially the “cost of failure”. As highlighted by Olivier Coste in particular,^viiEurope’s higher restructuring costs compared to the United States can discourage risk taking on the continent. The consultation^viii on the 28th regime launched by the Commission in July 2025 is therefore a promising step forward, although questions still need to be answered: will the regime be just for start-ups or for all firms? Will it apply only to new inflows or to existing structures as well? Will it initially include only insolvency and company law, or will it also include labour and tax laws? Ideally it should combine ambition with speed. But if we have to choose, it will be better to go fast than to aim too broadly.

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https://www.banque-france.fr/en/governors-interventions/savings-and-investments-union-finally-turning-idea-actions