There is very strong rhetoric in Germany about always being a creditor towards other 4/6  BIS central bankers' speeches  countries. Isn’t it also true that no other country gains so much out of a currency that is far too weak compared with its economy and boosts its exports?
I don’t think it’s useful to put a label on any country, saying “this country wins, that country loses.” We absolutely have to recognise that all of the ESM debt has been paid back. At the same time, the risk of bearing losses was there.