20 years of the euro: What scorecard?

The creation of the euro has had the expected macroeconomic costs for euro-zone countries: Given the disappearance of national monetary policies and the absence of a federal budget, the inability to correct shocks and asymmetric structures, which explains the euro zone’s growing heterogeneity; Excessive cost of internal devaluations , which prevents them from being used to correct competitiveness disadvantages caused by differences between the functioning of labour markets. But the creation of the euro has not provided the expected microeconomic advantages linked to the disappearance of currency risk: Since 2010, capital mobility between euro-zone countries has disappeared, and savings are no longer financing efficient investments; The single market has not led to an expansion of trade between the member countries or given rise to large companies in strategic sectors. All things considered, the creation of the euro zone has had the foreseeable macroeconomic costs, but has not provided the expected microeconomic progress.