One could argue that Germany has an undervalued currency, which makes its exports more competitive, both in and out of the EU. The flipside is that countries li

One could argue that Germany has an undervalued currency, which makes its exports more competitive, both in and out of the EU. The flipside is that countries like Spain have overvalued currencies, which means the jobs flow from there to Germany. Hence the chronic unemployment in Spain. Sure, they have solid fundamental economic strengths, but a huge part of their recent success comes at the expense of other eurozone countries, due to the flawed euro currency union.