Frieden and Costa Push for SIU Deal by Year-End

Luxembourg's Prime Minister Luc Frieden met with European Council President António Costa on Wednesday to discuss the Savings and Investment Union (SIU). Frieden emphasized that public money alone will not be enough to make the investments the European economy needs, and private capital must also play a part.

The two leaders agreed that an agreement on the SIU should be reached by the end of the year. Costa highlighted Luxembourg's financial centre as having an important role to play in this process.

Frieden stressed that investment is needed, but not on the back of new borrowing or fresh taxes. He also reiterated his firm rejection of the EU's proposed tobacco tax.