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EU Struggles to Shift Savers From Cash as Investment Reforms Lag

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The European Union continues to face an uphill battle in encouraging households to move money from cash into investments, even after a decade of efforts toward a capital markets union. Despite more than 60 legislative proposals, progress has been slowed by national interests, political shifts and technical hurdles. As a result, Europeans continue to hoard cash, with savings in bank deposits reaching 12.1 trillion euros—about 30% of household wealth—far higher than in the United States. In Germany, the figure is even more striking, with over 40% of financial assets held in cash or deposits.

Alarmed by the continued fragmentation of capital markets, several EU countries—led by Spain—have launched a pilot project to introduce a “Finance Europe” label that would help savers identify investment products that support EU companies. Meanwhile, policymakers and think tanks are pushing to scale Italy’s successful Savings Investment Plan (PIR), which directs household savings toward local firms, into a broader EU-wide scheme. Such initiatives are part of the bloc’s broader Savings and Investments Union (SIU), set to be unveiled this week, which includes proposals to empower the European Securities and Markets Authority and ease cross-border barriers for asset managers.

However, cultural and trust-related obstacles remain significant. Many EU households remain risk-averse and skeptical of investment products, often citing low returns, high fees and lack of reliable financial guidance. Former ECB chief Mario Draghi noted that EU household wealth has grown much slower than in the U.S., partly due to low interest rates on deposits that fail to keep pace with inflation. As regulators push for greater integration, experts warn the SIU will fall short unless it addresses public distrust and simplifies investment pathways for ordinary savers.

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Pope Leo Concludes First Overseas Trip with Peace Appeal in Lebanon

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Pope Leo XIV concluded his first overseas journey as the Catholic leader with a powerful call for peace during a three-day visit to Lebanon. His final day included a solemn prayer at the site of the 2020 Beirut port explosion, where a devastating chemical blast killed 200 people and left billions of dollars in damage. The pontiff, who has emphasized that humanity’s future is threatened by ongoing global conflicts, also prepared to lead a waterfront Mass expected to draw nearly 100,000 people before departing for Rome.

Throughout the visit, Pope Leo urged Lebanon’s political and religious leaders to persevere in peace efforts despite continued tensions following last year’s conflict between Israel and Hezbollah. In a significant meeting with leaders of Lebanon’s Christian, Sunni, Shi’ite, and Druze communities, he encouraged unity and dialogue to heal a nation burdened by years of political paralysis, economic collapse, and widespread migration. Observers worldwide paid close attention, as this marked his first major international appearance since becoming pope in May.

The pope also visited a psychiatric hospital run by Franciscan nuns and met survivors and families affected by the Beirut blast, offering prayers and symbolic gestures of solidarity. Many Lebanese, including young volunteers, expressed hope that his visit could signal a fresh start after years of hardship. Lebanon, home to the region’s largest Christian population, continues to struggle with the effects of spillover violence from the Gaza conflict and the weight of hosting nearly one million refugees, all while confronting a severe economic crisis that has persisted since 2019.

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Macron’s China Visit Amid Europe’s Delicate Balancing Act

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French President Emmanuel Macron will travel to China from December 3 to 5 as Europe attempts to navigate a complex balance between economic dependence and strategic rivalry with Beijing. His agenda includes meetings with President Xi Jinping in Beijing and Chengdu, where he is expected to push for fairer trade conditions, stronger market access, and more balanced technological cooperation. The visit comes as EU-China relations face growing strain, with Brussels warning that ties have reached a critical turning point.

Europe’s concerns centre on China’s surge of low-cost exports—especially steel—and its dominance in electric vehicles and rare earth processing, which pose risks to key European industries. As Washington’s tariffs reshape global trade, China is positioning itself as a business-friendly alternative, even as EU leaders remain wary of Beijing’s support for Russia and its heavily subsidised industrial model. Macron’s team says he will press for a rebalanced relationship that encourages Chinese domestic consumption and shared innovation benefits.

The European Union is preparing a tougher economic security strategy, considering more assertive trade measures against China. France has backed higher tariffs on Chinese EV imports, triggering a year-long Chinese investigation into French brandy in what many saw as retaliation. Despite Airbus expanding its presence in China, a major aircraft deal is not expected during Macron’s trip, reflecting Beijing’s strategic use of aviation purchases in its broader geopolitical negotiations.

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Thousands Protest Bulgaria’s 2026 Budget, Clashes Erupt in Sofia

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Thousands of demonstrators gathered in Sofia and several other Bulgarian cities on Monday to protest the government’s proposed 2026 budget—the first drafted in euros ahead of the country’s planned adoption of the common currency on January 1. The protests, organised by the opposition PP-DB coalition, saw crowds rally outside parliament, where some participants clashed with police and threw stones, bottles and firecrackers. Officers cordoned off buildings linked to the ruling parties to contain the unrest.

The demonstrations follow a similar wave of protests on November 28, after which the minority government led by Rosen Zhelyazkov agreed to re-submit the draft budget for further consultations. The spending plan had already passed a first reading in a parliamentary committee earlier in November. Critics argue the proposed increases in social security contributions and taxes on dividends are unjustified and accuse the government of mismanaging public funds.

Public concern has also grown over Bulgaria’s upcoming transition to the euro. Nearly half the population opposes the move, citing fears over national sovereignty and potential price hikes during the currency changeover. European Central Bank President Christine Lagarde recently cautioned that inflation may rise when Bulgaria joins the eurozone.

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WW1-Era Chemical Likely Used on Georgian Protesters, BBC Investigation Reveals

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A BBC investigation suggests that Georgian authorities used a World War One–era chemical agent, known as camite, in water cannons during anti-government protests in late 2024. Demonstrators in Tbilisi reported severe burning sensations, difficulty breathing, coughing and vomiting—symptoms that persisted for weeks. Doctors, chemical weapons specialists, and whistleblowers from Georgia’s riot police provided evidence pointing toward the use of this long-discontinued compound, once deployed by France in WW1 and eventually abandoned due to its prolonged harmful effects.

Paediatrician and protester Dr Konstantine Chakhunashvili conducted a survey of nearly 350 affected demonstrators, finding that almost half experienced symptoms lasting more than 30 days. His study, soon to be published in Toxicology Reports, also noted abnormal heart electrical activity among many participants. These findings supported theories from journalists, civil rights groups and medical experts that the water cannon contained more than just irritants like pepper spray or CS gas.

Whistleblowers from Georgia’s Special Tasks Department revealed that the chemical used closely resembles one tested in 2009, which they described as extremely difficult to wash off and far more harmful than standard tear gas. Despite recommendations against its use, they say it continued to be loaded into water cannon vehicles for years. The Georgian government dismissed the BBC’s findings as “absurd,” insisting police acted lawfully against what they called “violent criminals.”

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Brigitte Bardot Reassures Fans She Is Recovering and Requests Privacy

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Brigitte Bardot, the 91-year-old former French film icon and long-time animal rights activist, has reassured her followers that she is recovering and that there is no cause for alarm about her health. Her foundation issued a statement clarifying her condition after media reports suggested she had been hospitalised again in Toulon last month, following an earlier stay in October for what her office had described as minor surgery.

In the statement, Bardot expressed frustration over the spread of false information and asked the public to respect her privacy while she continues healing. She also shared a heartfelt message to those genuinely concerned about her wellbeing, saying, “I send my love to you all,” emphasising gratitude for the support she has received during this period.

Bardot rose to global fame in the 1950s and 60s with iconic roles in films such as And God Created Woman and later expanded her artistic career into music. She left acting in the 1970s, settling in Saint-Tropez, where she devoted herself fully to animal welfare through her foundation, becoming a prominent and outspoken advocate for the cause.

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Dignitas Founder Ludwig Minelli Dies at 92 by Assisted Suicide

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Ludwig Minelli, the founder of the Swiss right-to-die organisation Dignitas, has died by assisted suicide at the age of 92, just days before his 93rd birthday. Dignitas paid tribute to Minelli, describing his life as one dedicated to freedom of choice, self-determination, and human rights. Since he founded the organisation in 1998, Dignitas has assisted thousands of people seeking an end to their suffering, becoming one of the most recognised names in global debates on assisted dying.

Minelli initially worked as a journalist before turning to law and human rights advocacy, becoming a leading voice in the international right-to-die movement. He campaigned passionately for what he called society’s “last human right”—the ability to decide one’s own end in a safe and painless way. His efforts helped shape legal and ethical discussions worldwide, including a notable 2011 European Court of Human Rights ruling affirming the right of competent individuals to determine the manner and timing of their death.

Despite his influence, Minelli also faced criticism and legal challenges within Switzerland, particularly over Dignitas’ openness to helping non-terminally ill individuals and foreigners seeking assisted suicide. While euthanasia remains illegal in Switzerland, assisted dying has been permitted since 1942 under strict conditions. Dignitas emphasised that it will continue Minelli’s mission, operating as an international organisation committed to self-determination and freedom of choice at the end of life.

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Swiss Voters Overwhelmingly Reject Wealth Tax on Large Inheritances

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Swiss voters have decisively rejected a proposed 50% tax on inherited wealth exceeding 50 million Swiss francs, with 78% voting against the initiative—an even stronger rejection than opinion polls had predicted. The proposal, seen as a major test of public appetite for wealth redistribution, attracted significant attention from the country’s powerful banking and finance sectors. Despite global discussions on taxing the ultra-rich, Switzerland’s electorate reaffirmed its historically cautious stance on such measures.

The initiative was put forward by the youth wing of the Social Democratic Party (JUSO), arguing that taxing the very wealthiest families would help fund climate-related programmes. Supporters framed the proposal as a way to address economic inequality and rising concerns around cost of living in some of the world’s most expensive cities. The slogan, “The super rich inherit billions, we inherit crises,” captured their message but failed to resonate widely with voters.

Opponents warned that the measure could drive wealthy residents out of the country, ultimately reducing tax revenue and weakening the national economy. Switzerland’s government also urged voters to reject the tax, emphasising potential long-term risks to financial stability and competitiveness. The outcome reinforces Switzerland’s long-standing reluctance to adopt aggressive wealth taxation, even as other European nations push similar debates forward.

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Spain Detects More Suspected Swine Fever Cases as Pork Export Industry Faces Major Setback

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Spain has identified eight additional wild boar suspected of carrying African swine fever near Barcelona, according to local media reports, deepening concerns for the country’s multibillion-euro pork industry. While two cases have been officially confirmed, twelve more are undergoing laboratory tests, which could bring the total number of infected animals to fourteen. The Catalan government has sought assistance from military specialists to help contain the outbreak and prevent further spread.

The impact on Spain’s pork export sector—valued at €8.8 billion annually—has been immediate and severe. Around one-third of the country’s 400 export certificates have been blocked since the first outbreak was detected, marking Spain’s first swine fever cases since 1994. Agriculture Minister Luis Planas said efforts were underway to restore access to international markets and reassure trading partners of stringent safety measures.

Several countries, including Taiwan, China, the UK, and Mexico, have already imposed bans or temporary restrictions on pork imports from Spain, particularly from the affected Catalonia region. Although African swine fever poses no threat to human health, it spreads rapidly among pigs and wild boar, prompting swift global reactions to limit biosecurity risks tied to Spanish pork products.

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Louvre to Increase Ticket Prices for Non-EU Tourists After Security Failures

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The Louvre Museum in Paris will raise ticket prices by 45% for most non-EU tourists starting 14 January, increasing the standard entry cost to €32. Visitors from countries such as the US, UK, and China will be affected, with guided group visitors paying €28. The measure aims to generate €15m–€20m annually to support major upgrades, including modernisation and improved visitor facilities.

The decision follows growing concerns over the museum’s outdated security and infrastructure, highlighted after a €102m jewellery heist in October that exposed serious vulnerabilities. An official audit revealed insufficient maintenance investment, despite the museum heavily prioritising art acquisitions in recent years.

With nearly 9 million visitors last year—many rushing to the Mona Lisa—crowding and long queues have long been a challenge. President Emmanuel Macron has backed plans to revamp the museum, move the Mona Lisa to a new space, and expand amenities such as restrooms and restaurants. Renovations will continue alongside closures of ageing sections, including a gallery of Greek ceramics flagged for structural issues.

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