After the crisis, we have seen a home bias in investment and a flow of euro-area excess savings towards the rest of the world rather than within the EU (from higher to lower GDP per capita countries). This has also led to a halt in financial integration, which weakens private risk-sharing in the euro area.
It is striking that in the euro area only 20% of shocks to GDP growth can be smoothed via capital markets, compared with 40% in the United States. Economic convergence in terms of real GDP per capita among the 12 old euro area countries (EA12) has stopped since 2010. There is real divergence even if Greece is excluded.