Household saving behavior across Euro Area (EA) countries is very heterogeneous. Specifically, householdsaving rates for EA periphery countries are persistently lower than the EA average. This cross-countrydivergence became particularly wider in the run-up to the 2007-08 global financial crisis (GFC), reflecting fastconsumption growth in the EA periphery countries. Following a temporary increase during the GFC, thehousehold saving rates in periphery EA dropped significantly during the European sovereign debt crisis (SDC),recovering somewhat thereafter, but remaining among the lowest in the EA. After a broad-based surge in overall household savings during Covid-19, household savings have come down again after the pandemic.