Towards disintermediation of French savings?

Over time, French savings have become almost completely intermediated. Direct holding of financial assets (equities, bonds, etc.) has become very low, and has been replaced by intermediated holding (banks, insurance companies, undertakings for collective investment, etc.). But we could now see the opposite movement: given the low returns on life insurance, the huge size of monetary savings, the desire to choose the nature of the assets held (with social, environmental criteria, etc.), it is possible that households’ direct holding of assets (equities, companies, infrastructure, even art) may again develop at the expense of intermediated holding. This would be progress in at least three directions: less herd behaviour among investors, a more reasonable demand for profitability, and greater direct risk-taking by households.