What should be feared: A financial crisis or a crisis in industry?

There is now a great deal of concern about the risk of a financial crisis in OECD countries, given the very high debt ratios and the very low interest rates, which are encouraging even more borrowing. But the solvency of all borrowers remains robust thanks to the low interest rates, low inflation, rising real wages and high corporate profitability. A financial crisis is therefore very unlikely. More than a financial crisis, it is a crisis in industry that should be feared today. Under the effect of the global skewing of economies towards service economies, the resulting fall in investment needs and new environmental standards, industry may face a lasting contraction. This also affect s services, and will be particularly damaging for countries with a high concentration of industry.