What are the fundamental objectives of the euro zone’s reforms?

We believe that institutional reforms in the euro zone should have the key objectives of : Increas ing solidarity between the countries. Without greater solidarity, the euro zone’s cyclical and structural heterogeneity will continue to grow; Boost ing potential growth with, inter alia , smart public investments; Prevent ing moral hazards that would lead to overindebtedness, in particular with regard to public debt; overindebtedness would prevent the return of capital mobility. Th ese could be obtained by: Introducing risk-sharing mechanisms to share public risk (euro-zone budget) and private risk (portfolio diversification across the euro-zone countries, i.e. the return of capital mobility between these countries); Returning to countercyclical fiscal and monetary policy management, as they currently have a permanent expansionary bias (excluding fiscal policy in Germany and the Netherlands); the expansionary monetary bias clearly creates a strong incentive to run up debt, the idea being that borrower solvency will always be ensured by monetary policy; Creating a euro-zone investment budget, outside the usual budgetary rules, with a focus on the types of public investment that generate major externalities (energy transition, training, support for companies that work with technologies of the future, etc.).