Gabriel Makhlouf’s speech presents a compelling case for Europe to harness its savings to fuel investment and growth, but it also reveals deeper tensions in the continent’s economic strategy. The strongest version of his argument is that Europe’s underperformance isn’t due to a lack of resources but a failure to deploy them effectively. He rightly highlights the paradox of thrift—where excessive savings can stifle growth—and the need for structural reforms to deepen capital markets. His call for...