The public debt problem is not "COVID debt", it is "post-COVID debt"

We will illustrate this question, which is generic, by the case of France. During the COVID crisis (2020-2021), fiscal deficits are being fully monetised by the ECB; it is well known that the only public debt that matters is the part of this debt that is not held by the central bank. However, this debt not held by the central bank has not increased. So there is no "COVID debt", there is "COVID money". Many new public spending needs will appear after the COVID crisis (2022 and beyond): The fight against poverty, increased by the crisis; Help for young people; Training, with increased needs for employee retraining due to the transformation of the sectoral structure of the economy; The energy transition; The development of new industries, associated research and education. However, after the COVID crisis (from 2022?), there will probably no longer be any monetisation of fiscal deficits by the ECB, and this new public spending will therefore have to be financed to avoid accumulating a huge "post-COVID debt". What are the possible solutions for raising such financing in France? Given the tax burden (on households, companies and capital income) compared with other countries, it would be too dangerous to increase taxes when there is a desire to improve France's attractiveness for companies; Government efficiency and labour productivity must be improved in public administration; There is a need to debate the pension system collectively, as public spending on pensions in France is 4 percentage points of GDP higher than in the other euro-zone countries, and as the employment rate among over-60 year olds is low .