That's the whole point! The monetary union means the EUR (the "new" mark) is lower (from a German standpoint) than it would be should it be trading separately.

That's the whole point! The monetary union means the EUR (the "new" mark) is lower (from a German standpoint) than it would be should it be trading separately. Having Greece in the EU is an ADVANTAGE to German manufacturers. Greece is "passing on" its currency advantage to Germany. See what just happened to the CHF when the peg lifted.