Surplus d’épargne et déficit d’investissement: quelles solutions ?

François Villeroy de Galhau, Pierre Jaillet and Jean-Paul Pollin

Revue d'économie financière, 2016, vol. n° 123, issue 3, 23-32

Abstract: The European economy is facing a real challenge regarding the financing of its growth opportunities. It needs to diversify corporate financing, channel households savings towards long-term and riskier investments and achieve a genuine European capital market. This should be achieved through a real « Investment and Financing Union ». Setting the conditions of an efficient capital allocation of the European financial system is essential to support productive investment. Hence a new significant increase of capital requirements for the banking system must avoided. Increasing equity financing of corporations demands a modification of the saving fiscal rules and the supply of new saving products for households. Financial regulation also has to guarantee a plurality of the different capital financing channels and a better control of the shadow banking institutions is necessary to achieve its stability. Classification JEL: E21, E22, E60, F36, G20.

JEL-codes: E21 E22 E60 F36 G20 (search for similar items in EconPapers)
Date: 2016
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