Résumé

This paper presents the macroeconomic and financial balances in the euro zone at the end of the years ninety. The stability of the saving rate in the euro zone and the light increase of its investment rate implied during the last years a continuous degradation of the current account. This almost balanced position distinguishes sharply from those of the United States and from Japan. The financial account in the euro zone presents on the other hand some weakened characteristics, more exactly important capital outflows with regard to direct investments and the purchases of shares. The paper ends with some perspectives of long term: the demographic ageing should not modify the volume of saving in the euro zone; on the other hand, the financial innovation, by allowing a bigger exhibition of the financial assets towards share markets, could exercise a more significant influence (wealth effect).

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