Is there a risk of decline in the euro zone?

A number of negative trends are at play in the euro zone that may lead to its decline (relative to the United States for example): Population ageing; Low productivity gains (due to low research spending and the shift in the structure of jobs); Energy dependence on fossil fuel producers; Underinvestment; The small size of its technology sector; The concentration of savings in liquid and risk-free financial assets; Low labour force skills in many countries; Inefficient allocation of savings (used to finance unproductive public spending or to finance the rest of the world); The small number of elite universities. This is an impressive list of features that must be corrected if the euro zone is to avoid decline.