A key question for the global economy: Could we return to a situation of insufficient savings?

The ( ex ante ) excess global savings are one of the causes of the decline in OECD long-term interest rates. The global economic and financial equilibrium would become completely different if we went from a situation of excess savings to a situation of insufficient global savings. Is that possible? This would require: Population ageing driving down the private sector savings rate; Significant new investment needs emerging: energy transition, new technologies, etc.; New public spending (healthcare, pensions, combating poverty, etc.) appearing, leading to persistently high fiscal deficits. These changes are clearly possible, and even likely. It is therefore dangerous to rely on persistently low interest rates caused by an ( ex ante ) excess of global savings.