If we look back on how the euro has fared since 1999, we can see that it did not produce all the effects that people had hoped for. Trade in the euro area is declining, the capital markets union is in limbo, countries with large capital surpluses, such as Germany or the Netherlands, are investing them in the United States or in China, etc.
In fact, the country that is gaining the most from the euro is Germany, which amply benefits from the euro’s undervaluation. Everyone benefits from the euro because the exchange rate risk has disappeared and financial conditions for investment have never been so favourable.