The optimal policy for the euro zone

The optimal economic policy for the euro zone could be as follows: Creating a risk-free bond for the euro-zone as a whole, which would make it possible to increase the euro’s international reserve currency role and attract more capital to the euro zone; Using this capital (i.e. the additional external debt obtained without any difficulty) to finance additional useful public spending: energy transition, education, training, industrial policy "of the future". This could thereby give rise to, as for the United States with the dollar, an "exorbitant privilege" for the euro zone related to the euro’s reserve currency status .