Money matters…but so does finance! Starting from the link between money and economic activity, this study shows how today’s financial systems have shaped the way monetary policy is transmitted to the real economy. The information and decision-making processes taking place within the financial system play a key role in determining how credit is allocated, but also how the risks implied by those credits are borne. The study points at what went wrong during the credit boom of the 2000s, which was the counterpart to a huge accumulation of savings, concentrated mainly in emerging economies. This accumulation could well continue. Making better use of the coming savings is a challenge that authorities will have to meet if they want finance to better serve the real economy.