It is a pity that the euro is not a real global reserve currency and that the euro zone attracts little private capital

For now, the United States has no difficulty in financing a large external deficit, thanks to the dollar’s global reserve currency role and the country's’ attractiveness for private capital. This allows the United States to continuously invest more than its domestic savings. The euro zone is significantly less attractive than the United States for international capital, first because of the euro’s limited reserve currency role, and second because it is less attractive than the United States for private capital (in shares, bonds, direct investments). The euro zone’s weak attractiveness explains why it is difficult for it to have a current account deficit, and consequently why it invests much less, both in terms of public and corporate investment, than the United States.