Significant progress?

The problems facing the euro zone are well known: The lack of capital mobility between the countries, the presence of weakened countries (Italy in particular) that threaten the stability of the euro zone, the low potential growth and at the same time the increase in debt. However, we can see a number of advances that will ease these problems: The creation of a European Union debt to finance the recovery plan, which will partly restore capital mobility within the euro zone; The reflection on a European industrial policy, to restore potential growth and the technological level, in connection with the energy transition; The solidity of the banking sector, which can now continue to finance the economy during recessions; An understanding that debt crises will now be prevented. Even though the prospect of a euro-zone budget and common social welfare is still distant, the global perception of the euro zone is improving, also due to the recognition of the objective superiority of the European social model over that of the United States (higher employment rate in the euro zone than in the United States, lower inequality and poverty in the zone). This paves the way for the euro to increase its role as international reserve currency at the expense of the dollar .