Global investors’ aversion for the euro zone is impressive. What accounts for-this phenomenon?

When we look at international capital flows, equity valuation and the euro's exchange rate, we see clearly global investors’ major aversion for the euro zone. What can account for this strong aversion? The low level of euro-zone potential growth? But it does not prevent strong corporate profitability; Disagreement between the member countries, political risk, that prevent the euro zone from standing up to the United States or China; The absence in the euro zone of large companies of the future ( internet services , new technolog y companies , equipment for renewable energies) which is also weaken ing it against the United States and China. Investors are probably more concerned about the euro zone’s lack of power (diplomatic, technological) than about a macroeconomic problem.