As we emerge from the crisis that peaked with the Lehman Brothers and AIG collapses in September 2008, an environment of very low interest rates seems likely to persist over at least the medium term. This will be good for debtors but generating returns on savings will be difficult. At the same time, advanced countries must confront the challenge of providing for ageing baby-boom populations by generating and mobilising more and more resources for medical care and pensions. While pay as you go (PAYG) systems will cover basic medical care and will carry some of the burden of providing pensions, much will have to be done privately and by relying on financial intermediaries to do their share.