Now it is only two weeks after we last met, that you, António, have gathered us here again today. I think it was a very productive meeting. We discussed indeed competitiveness, and I presented our Competitiveness Compass with a Clean Industrial Deal, and we discussed the three important cross-cutting topics. The first is energy, the second is simplification – the famous Omnibuses – , and the third is the Savings and Investment Union. And I think it was a very interesting debate because it was clear when looking at the energy prices that the main answer to reduce energy prices is to go more into the low-carbon energies, that is, nuclear and renewables, because it is the fossil fuels that we import that are the price driver. The second point, the Omnibus indeed, strong support, not only to have one, but to have a whole fleet of Omnibuses.
And I want to reflect very briefly on the third element, the Savings and Investment Union. Here it is very interesting that we are, in Europe, world champion what savings is concerned. Per year EUR 1.4 billion are being saved, mostly on bank accounts, while in comparison, for example, the American households save USD 800 billion. And it is not the European market that benefits from being the world champion in savings, but it is mostly other markets, specifically the American market. Why? Because the European capital market is still fragmented, is complicated and is slower. And the Savings and Investment Union has as a goal that the citizens get more and better return on their money, but also that the startups, the businesses have access to the much-needed capital. And the capital will go where the business case is. In other words, we have to make sure that this fragmented market turns into one Savings and Investment Union with one set of rules where you can have the same entry point everywhere. This makes it then interesting to allocate the money here in the European Union, and this was one of the main focus in our discussion.
Indeed, as you said, there is another point. It is not only the cross-cutting topics that we have been discussing, but we also look now systematically to one sector after the next. We started with the Clean Industrial Deal, that is the energy-intensive industry and the clean tech industry. We have done the Strategic Dialogue with the automotive industry with an Action Plan. We have done the Strategic Dialogue with the steel industry, also with an Action Plan, and now the next one is the chemical industry that will follow. The principle is here that we are very clearly sticking to our goals, for example, climate neutrality by 2050, but that we accompany the sector on the way towards the goals to see where we can support, adapt, flexibilize, be better. This is a huge transformation that the sectors are undergoing and therefore this is a journey that we are doing together.
We have also presented the White paper on the future of European defence and it was very good to have both discussions because competitiveness and defence are two sides of the same coin. If there were doubts about that fact until a few weeks ago, today none are left. Progress here is no longer 'nice to have' but the discussions showed very much that progress here is an 'absolutely must'. Two weeks ago, at the European Council we reached a historic agreement to increase our defence capability and our defence spending and to do it together and today we presented the Readiness 2030 Plan. In other words, we agreed on how to do the spending.
First, we are activating the National Escape Clause because Member States are ready to invest more in their own security. This activation of the National Escape Clause allows the Member States to increase their defence expenditure without triggering an Excessive Deficit Procedure. And the second leg is that we proposed a new instrument, we call it SAFE, Security Action for Europe. And here, of course, joint procurement and collaboration is the name of the game.
So, we want to spend more together, we want to spend better, and we want to spend more European. It is about financing this joint procurement from the European industry up to EUR 150 billion in loan to Member States are available for these defence investments. A final remark on that one, because Ukraine's security is also the European Union's security, Ukraine and its amazing defence industry will be able to participate in the joint procurement in SAFE. But as Ukraine security is not just the European Union's security, but the whole of Europe security, we also will open the possibility to associate partner countries to join the SAFE program. Finally, as you know, we will unleash the power of the EU budget that those who want it voluntarily can flexibilize their cohesion funds for defence investment. And, as I have just explained, we yesterday adopted the blueprint for a Savings and Investment Union, that closes the circle. We have not only discussed the Savings and Investment Union with a competitiveness, but also here with a defence topic.
