Although Germany and several other countries in the union enjoyed low inflation before the adoption of the common currency, with some partial exceptions to be discussed in a moment, the ECB has been able to “export” that benefit to other members of the monetary union.
In other words, to the metaphor that I threw overboard at the start of my speech. The metaphor of SEPA as a wonderful new waterway, with neatly finished retaining walls and an efficient system of locks. But I am not going to do that today.