Should demand be stimulated in the euro-zone countries?

Although the euro zone has an external surplus, which normally reveals a shortfall in demand, it seems that the zone’s unemployment rate is close to its structural unemployment rate. This suggests that demand stimulus in the euro zone would reduce its external surplus, but without having any significant positive effect on production. The only possible positive outcome would then be if the demand stimulus in the euro zone led to an improvement in supply and lifted potential growth, either by driving up the employment rate and the participation rate or by lifting labour productivity. No such developments are visible at present .