Improving the efficiency of savings

We look at the situations of the euro zone and France. We know that it will be necessary to invest in industrial innovation, the industries of the future and the energy transition. To do this, savings will have to be channelled into these investments. This requires a marked improvement in the efficiency of savings, since nowadays savings (in the euro zone, in France) mainly finance: Housing and other construction investments; Current fiscal deficits (not linked to an increase in public investment ); Purchases of financial assets that already exist (and these purchases simply drive up prices); Lending to existing, established companies. The low efficiency of savings can also be seen at the macroeconomic level: the level of savings is stable or even increasing at the same time as productivity gains are slowing.