原文标题：The EU sees Sweden as a model as it looks to encourage investors
原文连结：https://tinyurl.com/5ds78d3c
发布时间：Updated Sun, August 17, 2025 at 7:59 PM GMT+8
记者署名：Lydia Löthman
原文内容：
The European Union wants to unleash trillions of euros in household savings by
encouraging people to invest in capital markets — and it sees Sweden as a
template of how to do so.
欧盟希望透过鼓励民众投资资本市场，释放出数兆欧元的家庭储蓄——而它将瑞典
视为推动的范本。
Europe is expected to detail its plan this quarter to mobilize citizens’
funds sat in bank deposits as part of its Savings and Investments Union. By
making it easier for people to invest, it aims to lift household wealth and
boost firms’ access to funding. Analysts say it might promote wider adoption
of Swedish-style bank accounts that enable people to easily invest savings in
stocks.
欧盟预计本季度将公布其“储蓄与投资联盟”计画，动员目前沉睡在银行存款里的
资金。透过简化投资方式，它的目标是提升家庭财富，并增加企业取得资金的管道。分析
师指出，这可能促进“瑞典式帐户”在欧洲更广泛采用，让民众更容易把储蓄投入股票。
That’s as Poland earlier this month proposed an investment savings account
modeled on Sweden’s InvesteringsSparKonto, or ISK system, to create an “
equity culture” attracting 100 billion zloty ($27 billion) in its first three
years.
波兰本月稍早也提出建立以瑞典“InvesteringsSparKonto（ISK）”为蓝本的投资
储蓄帐户，希望培养“股权文化”，并在前三年吸引 1000 亿兹罗提（约 270 亿美元）
的资金。
Sweden’s retail-trading base is “among the best in the world” due to the
ease by which people been able to invest in listed companies, Philip Scholtze,
savings economist at Avanza Bank Holding AB, said.
Avanza 银行的储蓄经济学家 Philip Scholtze 表示，瑞典的散户投资基础“是世
界上最优秀的之一”，因为投资上市公司非常便利。
The Nordic nation is regarded as a “best practice” model, said a
spokesperson for the financial services department at the European Commission,
the EU’s executive arm. The spokesperson added that the bloc aims to provide
citizens with “a wider range of tools and knowledge to invest their savings
in ways that can directly benefit their personal economy, while simultaneously
turbo-charging the investment landscape in the EU.”
欧盟执委会金融服务部门发言人指出，这个北欧国家被视为“最佳实践”的范例。
欧盟的目标是提供公民“更广泛的工具与知识，让他们能投资储蓄，不仅直接改善个人经
济，同时也能为欧盟投资市场注入动能”。
Decades of policymaking in the country of about 10 million people has helped
make equity investing more akin to a national sport. Swedish households invest
over half of their savings in stocks, more than twice the average in the euro
area, according to a report by European Savings Institute this year.
在这个仅约一千万人口的国家，数十年的政策累积使得股票投资几乎成为“全民运动”
。根据欧洲储蓄研究所的报告，瑞典家庭将超过一半的储蓄投资在股票上，是欧元区
平均水平的两倍以上。
Anyone with a bank account can trade, while the ISK account — in place since
2012 — is not subject to capital gains tax. Securities can be easily bought
and sold directly from mobile banking applications.
任何有银行帐户的人都可以交易，而自 2012 年实施的 ISK 帐户则免除资本利得税。
证券可直接透过手机银行应用程式轻松买卖。
“Swedes have good reason to be thankful for the ISK account,” said Mohammed
Salih, a 32 year-old communications manager who lives in Listerby in southern
Sweden. He has invested with the system for more than ten years. “I have
always saved money and tried to build an economically stable future, but I
didn’t know how to make the money grow.”
32 岁的通讯经理 Mohammed Salih（住在瑞典南部 Listerby）表示：“瑞典人有充
分理由感谢 ISK 帐户。”他已经使用这个制度投资超过十年。“我一直都有存钱，
想建立稳定的未来，但我以前不知道如何让钱成长。”
He started an Instagram account to document his journey toward his goal of
growing assets to 1 million Swedish Kronor ($105,000). He says he achieved it
a few years ago, but still posts stock market tips that attract interest. “
The youngest person who has written to me was 13 years old. His parents had
helped him set up an ISK account,” Salih said.
他还开了一个 IG 帐号，纪录自己资产累积到 100 万瑞典克朗（约 10.5 万美元）
的过程。他说几年前就已经达成，但仍持续发表股市心得，吸引年轻人关注。“最
年轻写信给我的人只有 13 岁，他父母帮他开了一个 ISK 帐户。”
The ISK simplified the tax structure around capital investments, removing
bureaucratic barriers that had previously discouraged participation. “It’s
just a much simpler way to buy stocks,” Frida Bratt, savings economist at
Nordnet Bank AB, said. “This has been especially important for young people.
”
ISK 简化了资本投资的税制，移除了原本阻碍参与的官僚壁垒。Nordnet 银行的储
蓄经济学家 Frida Bratt 说：“这就是一种更简单的买股票方式，对年轻人特别重要。
”
Almost a quarter of Swedes directly own shares in publicly listed companies,
with stakes totaling around 540,000 Swedish Kronor ($56,552) on average,
according to data from Euroclear Sweden. The most recent available data from
the Swedish Investment Fund Association show that about 70% of all Swedes
directly invest money in mutual funds.
根据 Euroclear Sweden 的数据，将近四分之一的瑞典人直接持有上市公司股票，人均
持股价值约 54 万瑞典克朗（约 5.6 万美元）。瑞典投资基金协会的最新数据显示，
约 70% 的瑞典人直接投资于共同基金。
In the UK, only 8% of personal wealth is saved in equities and mutual funds,
data from a January review by Aberdeen Group Plc showed.
在英国，仅有 8% 的个人财富被投入股票与共同基金。
It remains to be seen what effect the introduction of a EU-wide savings and
investment account could have on the wider European market.
欧盟范围内的投资储蓄帐户若真的实施，对欧洲更广市场的影响仍有待观察。
According to Jonas Strom, CEO of the Nordic investment bank ABG Sundal Collier
Holding ASA, it is “definitely possible” to export the Swedish success with
the ISK accounts to a wider European audience.
北欧投资银行 ABG Sundal Collier CEO Jonas Strom 表示，将瑞典 ISK 的成功经
验推广到欧洲“绝对是可能的”。
The European Commission would only offer a blueprint of how a EU-wide savings
and investment account could be constructed, leaving member states to
implement it. The success of the proposal ultimately depends on the “
political will” of the member states, Strom said.
欧盟执委会仅会提供一个蓝图，说明如何建构全欧储蓄与投资帐户，具体实施仍需
各会员国自行推行。Strom 认为，最终能否成功，取决于各会员国的“政治意愿”。
心得/评论：
美国资本主义模式 欧洲社民模式（大陆型） 北欧混合模式
税制 资本利得税相对低 资本利得税高（25–30%+） 资本利得税高（约 30%）
（长期 0–20%） 缺乏长期免税帐户 但提供免税投资帐户
股市 高 低（德法约 10–20%） 中高
参与率 约50–60%家庭 瑞典近40%，因免税帐户鼓励
家庭财富 高 投资报酬 低 依赖政府保障 中高
累积能力 推升长期财富 资产增值有限 兼顾市场报酬与政府福利
贫富差距 高 中低 靠再分配缩小 中 靠再分配减差距
投资者vs非投资者差距大 差距 但总财富积累低 但也让家庭投资市场化