How to drive down the cost of financial intermediation?

We look at the situations of the euro zone and France, where: Households want safe, risk-free savings; The financing of the economy requires risk-taking. Today, this contradiction is resolved by asking financial intermediaries (banks, life insurers) to have risk-free liabilities (deposits, life insurance contracts) and risky assets (loans, equities, corporate bonds) and by requiring them to hold a very high level of capital that insulates their liabilities from the risk of their assets. But given the high required return on equity, this solution results in costly and inefficient financial intermediation: financial intermediaries must generate returns on increasingly high levels of equity. So what can be done if households do not change their behaviour , want risk-free savings , and financial intermediation must be made less costly than under the current model? There are only three solutions. 1. Return to lower capital requirements for financial intermediaries and also return to the possibility of government bailouts in the event intermediaries get into trouble. This is very unlikely, as it would reverse the entire trend in regulations for financial intermediaries. 2. Develop financial intermediaries whose shareholders have a lower required return on equity: government, mutual entities. 3. Introduce government guarantees for the riskiest financing, the cost of which would be lower than the cost of capital normally allocated to this financing.