What can account for the end of capital mobility between euro-zone countries?

Since 2010, capital has not been flowing between the euro-zone countries: the German and Dutch savings surplus is no longer lent to the other member countries. This situation deprives the euro zone of what normally makes a currency area efficient. We compare the situations of Spain, Italy, Portugal, Greece and France to try to understand the causes of the end of capital flows: The loss of external solvency for the borrowing countries? The loss of fiscal solvency for the borrowing countries? The bank s’ problems in the borrowing countries? It seems that the main cause of the end of capital mobility is the deterioration in banks’ situation, which explains why France has not been affected by the end of capital mobility between the euro-zone countries.