Martin-Anderson-Nexö-Gymnasium Dresden (2019)

Finalist for the region East

A Safe Bank Account for every Citizen of the European Union

The financial crisis of 2008 had a terrible effect on vast parts of the European Union
and some member states are still struggling to recover from its impact. Speculation
with “Subprime Credits” first brought the financial sector to the brink of collapse and
then spread to all fields of the economy. Unemployment soared, citizens were not
able to access their deposited money and everyone who had invested in stocks lost
most of their savings. To save the private investors’ money, the member states were
put under pressure to sustain the banks too big to fail with billions of taxpayer

This structural fault is a severe problem and a repeat of the process is very likely to
happen. In case of a new crash, the European citizens’ private deposits must be

This is why we propose that the EU provide each citizen with a free bank account at
the European Central Bank The deposits will not be speculated with or invested , but
shall remain 100 percent safe. Thus any citizen´s money there will be safe and
cannot fall victim to the collapse of any private bank. Interest granted on the deposit
shall not exceed compensation for inflation. It is our and must be the EU´s first aim
and ambition that the citizens’ interests be put first.

Whoever wishes to gain more interest on their financial assets, may place their
“excess” money with traditional private banks or invest into stocks and bonds. This
will also set new standards for competition among the traditional banks, since the
latter will need to offer better services to convince prospect customers of their

Not only does this approach have obvious benefits for the individual citizen, it
ensures true financial equality before the institutions. Moreover, governments of the
member states will be freed of the responsibility to guarantee a stable financial
system, for example by saving failing banks. And even the traditional banks could
benefit. Without further incentive to influence state financial policy, regulation of the
financial sector will ease and commercial banks will be able to operate more freely.
The EU is called upon to protect its citizens from times of crises and therefore we
work to introduce this measure.