How to make savings useful?

For a host of reasons, private savings are and will remain abundant throughout the world, in Europe and in France. What is it used for, and what should it be used for? Financing needs will be manifold: financing the energy and ecological transition, financing infrastructure for innovative and inclusive growth (health, education and training, housing, security, regional planning…), financing the digital revolution… Not forgetting that the financing needs of governments, local authorities and social security systems will remain significant in many countries.
For reasons of uncertainty, risk and mistrust, a large proportion of these private savings will remain liquid or short-term, whereas financing needs will require a medium- to long-term approach. How can we reconcile financing supply and demand? This is more than a problem of “plumbing”. What should be the respective roles of banks, insurance companies, asset managers, investment funds and financial markets? Do we have the right financial instruments, the right savings tax policy? More generally, what can we expect from private initiatives and public policies in this area?