51.   -- A favorable environment for private savings should be encouraged.

52.   The report urged the adoption of a new EU directive requiring member states to set up mechanisms for private savings for old-age benefits.

53.   Meanwhile most businesses continue to suffer the effects of a cash crunch fueled by the budget deficit which swallows most private savings.

54.   Paramonova said private savings should be encouraged to reduce the amount of money in circulation, and proposed attracting more savers to invest in short-term state bonds.

55.   The drop was due to lower private savings, but also a result of growing fiscal deficits.