With the loss of the D-Mark, Germany, and particularly the German bond market, will lose a major competitive advantage. The currency which has been the anchor for the European Monetary System and which over a period of some decades has become the most important investment and reserve currency after the dollar will disappear.
We have been trying for some years now to make up for the approaching loss of the competitive advantage we have as a result of the D-Mark. The German capital market had to be prepared for the euro. Structural weaknesses had to be removed.