The end of capital mobility between euro-zone countries has created discrimination between two groups of countries

Since the euro - zone crisis in 2010-2013, capital mobility between euro-zone countries has disappeared: each country has to finance its investments by using its own national savings. But the euro is an international reserve currency, and the core euro-zone countries benefit from this role since they can attract international capital to their public debt, which is not the case for the peripheral countries. As a result, when a peripheral country increases its fiscal deficit ( which is the case currently with Italy) , it immediately suffers a rise in its long-term interest rates; when a core countr y increases its fiscal deficit ( which is the case currently with France), even if this is not a country that has excess savings, it suffers no rise in its long-term interest rates since it benefits from the euro’s reserve currency role .