Since the study of Feldstein/Horioka (1980), the high correlation between investment and saving rates is a controversial, but first of all often confirmed empirical evidence. In this paper, this correlation is investigated once again for the EU-countries in the time period from 1960 to 1997. In expansion of previous analyses, in our analysis based on time series, on the one hand different degrees of capital mobility for the individual countries are admitted, and on the other hand, we distinguish between the long-term and short-term relations between the variables of interest. Taking all results together, the following conclusions can be drawn. Firstly, no long-term relationships exist between the national investment- and saving-rates of the EU-countries but the observable correlations are the result of spurious correlations between trending variables. The analysis of the short-term relations and the subsequent examination for structural breaks suggest secondly, that also in this case a high degree of capital mobility is present, that frequently increases in the course of time.