We explained (in detail here) how Germany is profiting doubly by locking in competitiveness advantage
- Gaining 20-30% competitiveness vis-a-vis the peripheral countries in the first decade, now locked in because the latter can’t devalue versus Germany
- The resulting eurocrisis as the peripheral countries try to win back competitiveness through internal devaluation prompting the ECB to embark on QE which lowers the euro, with Germany as the main beneficiary.
But here is a competing view:
Source: January 2016