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Mobilisation of local savings

This is the other side of an economic system which is no longer based on a vast, globalised and unified market but on the articulation between different levels of production and exchange, with the territory constituting the first level.

In the current financial system, the relationship of trust which is the basis of the relationship between a lender and a borrower has been progressively replaced by instantaneous transactions: it is no longer trust that counts, it is the possibility of instant withdrawal. This logic has been pushed to its height with subprimes, "structured products" according to the banks’ pretty and mystifying expression, i.e. baskets of debt whose nature the lender ends up not even knowing. The "financialisation of the world" is no longer in these conditions the normal act of trust in the future and in one’s partners, which is the basis of credit, but has become the symbol of an abstract search for profit for profit’s sake.

The territorial scale can be the basis for the reconstruction of the social contract of the financial system. The growing success of participative financing or solidarity savings, the multiplication of "responsible" investment funds is the sign of this collective aspiration.

It is necessary to ensure that, within the framework of global transition strategies, territories are able to set up new mobilisation and savings circuits.