Contrary to a widely held notion, the euro zone has benefited from globalisation

There is currently very strong criticism of globalisation in Europe, and it is likely that the euro-zone economy will be partially re-regionalised. Yet the euro zone has benefited from globalisation: The gain in price level - and therefore in purchasing power - linked to the opening of trade with emerging countries, clearly outweighs the negative impact of globalisation on manufacturing employment; Global domestic demand is growing much faster than domestic demand in the euro zone: having access to the global market is very important for euro-zone companies; Euro-zone companies repatriate significant income from their subsidiaries in the rest of the world. Before abandoning globalisation, we should consider another strategy, which is a combination of globalisation and a correction of the negative redistributive effects that it gives rise to in the euro zone.