Looking at the background of this problem from a longer-term perspective, we need to recognize the merits and demerits of the single-currency euro in the 13 years since its introduction.
On the merit side, one can point out that the absence of foreign exchange risks within the region and reduced transaction costs stimulated intra-regional trade and investment, and that the converging low level of interest rates in member countries for more than ten years induced an expansion in economic activity.