What are the most urgent priorities in the euro zone?

Despite the hostility of several Northern euro-zone countries, France and Germany are trying to revitalise the plan of a euro-zone budget, with two objectives: Increasing useful public investments; Providing capacity for countercyclical stabilisation of troubled countries. But we do not believe this institutional step forward is the most important in the euro zone: the Juncker plan and the EIB are already financing significant amounts of public investment and investment in innovative SMEs . This would take a massive euro-zone budget - which is unrealistic - to carry out significant countercyclical stabilisation of member countries. In reality, the most urgent priority in the euro zone is to restore capital mobility between the member countries: To be able to again allocate savings to the most efficient investments in the euro zone; To restore portfolio diversification, which makes it possible to obtain an efficient pooling of risks between euro-zone countries. Re-establishing capital mobility between euro-zone countries will in particular require restoring confidence in borrowers in other countries , which is a key requirement .