The United States has a savings shortfall, the euro zone excess savings

The United States has long had a savings shortfall, while the euro zone has had excess savings since the early 2010s. It is important to not forget that, beyond cyclical situations, this configuration leads on average in the medium term to: Higher inflation in the United States than in the euro zone; Higher nominal and real interest rates in the United States than in the euro zone; A depreciation of the dollar against the euro.