The euro zone is becoming a risky region for investors

Since the second quarter of 2018, the euro zone has become a risky region for investors, due to the repetitive crises (balance of payments, government bonds), as shown by the variability of: Capital flows; Share prices and credit spreads; The euro's exchange rate. This also means that a substitutability between the euro zone and emerging countries is now appearing, as they are now two risky regions: when pessimism increases in the euro zone and capital flows out of the euro zone, it heads to emerging countries and shore s up their exchange rates.