You got that exactly right. The core of the whole thing will be to keep this money in the accounts as a pretense but at the same time to leverage it in other credit projects, which is what commercial banks do.

TomK

econ

EU: Capital Market Union Will Hold Some Bad Surprises

So it takes a bit of digging to understand this.
If I've got it correctly, LeMaire is saying they will somehow take control of circa €10 trillion of money which is owned by individuals in their own bank accounts; and use that for investment across the Eurozone.
Which is a tacit admission of the truth; even with QE, the Eurozone is effectively bankrupt, cannot meet its obligations, and is now looking to it's citizen's personal bank accounts to plug the gap. 
Presumably this will be sold with some kind of EU "guarantee" so it will be deemed to be low/no risk.
Will it be optional? 
If true, this is basically the nationalisation of private wealth ... In other words, a form of communism. 
