Investors are right to worry about the euro zone’s long-term prospects

Financial m arket developments and capital flows show that investors are concerned about the situation in the euro zone. They are right, in a long-term perspective, given: W eak corporate modernisation; L ow labour force skills; As a result, weak productivity gains and low potential growth; The high weight of bygone industries; The fact that Germany’s and the Netherlands’ excess savings are invested in the rest of the world outside the euro zone; The strong link with global trade, which will slow under the effect of the regionalisation of trade.