European Commission President Ursula von der Leyen wants to encourage Europeans to invest more of the roughly €10 trillion they currently keep in bank deposits.

The EU says it needs hundreds of billions of euros in additional investment each year for defense, infrastructure, energy, technology and economic competitiveness.

Brussels plans to use tax incentives, new financial products and regulatory changes to direct more private savings into European companies and capital markets.

The proposal does not involve confiscating people’s bank deposits, but critics are concerned that the EU is increasingly seeking to influence how citizens’ private money is invested, the European Conservative has reported.

The initiative is part of the EU’s Savings and Investments Union, which aims to unlock as much as €470 billion in additional investment as European governments face high debt and limited public funds.