Euro zone: The objective of monetary union is microeconomic

Too much attention is devoted to the supposed macroeconomic benefits of the euro (central bank credibility and absence of inflation, absence of currency wars, fiscal discipline). Currency areas are formed to obtain microeconomic benefits : The efficient allocation of savings to profitable investment projects, wherever they are located; The elimination of currency risk, which makes it possible both to take full advantage of countries’ comparative advantages and therefore to obtain efficient productive specialisation, and to reduce uncertainty and therefore increase investment. In the case of the euro zone, we see: Since 2010, a lack of capital mobility between the euro-zone countries and therefore a lack of efficient allocation of savings; Undoubtedly, greater use of comparative advantages; But not the hoped-for increase in investment .