To what extent has globalisation really affected the euro zone?

Many questions are being asked about the future of globalisation after the coronavirus crisis. The c riticism of globalisation in Europe stems from the observation that strategic industries have been offshored to emerging countries or the United States: pharmaceuticals, but also many other industries; that globalisation has had an effect on the quantity or quality of employment in Europe; and that globalisation has brought downward pressure to bear on wages. But to what extent has globalisation really affected the euro zone ? We look at: The weight of imports from emerging countries; The evolution of foreign trade with emerging countries; The evolution of corporate investment; The role of globalisation in the manufacturing job losses; The evolution of income distribution. It then seems that while globalisation has been large in size and has undoubtedly had some serious negative effects on the euro zone (offshoring of strategic industries for example), its macroeconomic impact on the euro zone has been negligible: the euro zone’s foreign trade with emerging countries and in industrial products has improved; corporate investment has not been weakened by globalisation: the manufacturing job losses are due to technological progress and not to globalisation; income distribution has skewed only slightly against wage earners. The effects of globalisation should not be overstated.