>the end result of which will be a much weaker euro. There are no winners in any of these scenarios, only losers
Germany is the winner in this scenario. Having the Euro as a currency is a great boon to their national economy. They were at a trade deficit when they used the DM, but ever since the inception of the Euro, they have been cleaning-up export wise.
Germany benefits from the Eurozone as consumers from EU nation-members can buy German products with no trade impediments. Germany benefits even more from a weak Euro as it makes their products very attractive for purchase from non-Euro countries.
And in addition, countries like Greece couldn't deflate themselves out of their trade deficit because of the Euro; their only choice would have been to lower nominal wages somehow, which is pretty much impossible.
It's true that they didn't have significant trade deficits, but the current trend of trade surplus date pretty much from the Euro - look at the full trend of data from the source you link to, from 1971 to today. It stands out quite clearly.
Germany is the winner in this scenario. Having the Euro as a currency is a great boon to their national economy. They were at a trade deficit when they used the DM, but ever since the inception of the Euro, they have been cleaning-up export wise.
Germany benefits from the Eurozone as consumers from EU nation-members can buy German products with no trade impediments. Germany benefits even more from a weak Euro as it makes their products very attractive for purchase from non-Euro countries.