Except in a floating exchange rate that isn’t what happens. For somebody to leave the Eurozone for the Dollar zone there has to be somebody coming in the opposite direction to exchange with.
Macron is still talking nonsense of course. The Euros never left in the first place.
Correct. They don’t. It’s an illusion caused by where the accounting boundary is drawn.
That’s why “imbalances” never close.
If goods and services were exchanged for little models of the Eiffel Tower nobody would say there was an imbalance. Yet we do when we exchange for Euros.
Macron is still talking nonsense of course. The Euros never left in the first place.