Euro zone: Let us be positive (objective) and not normative

Many economists and politicians still hope that in the euro zone there will be: A common budget; Less stringent budgetary constraints; Coordination of tax, social and labour market rule policies; Mutualisation of a number of welfare benefits (unemployment benefits, etc.). But in reality, these developments are rejected by a significant number of countries (Northern countries, increasingly Germany) and will therefore not take place. The euro zone will therefore remain characterised by stringent budgetary rules, only national budgets, tax and social competition, and no mutualisation or risk sharing. Knowing this, the only solution for euro-zone countries is to adjust , and therefore to avoid pointless public spending, improve their cost competitiveness, lower taxes on mobile production factors, and restore their potential growth (since they cannot rely on income transfers from the richest to the poorest countries).