ユーロは常にドイツにとっては割安（他国、特に南欧にとっては割高）に設定されており、金融環境は緩和的（他国、特に南欧にとっては緊縮的）です。それがドイツの製造業の繁栄と高い輸出競争力を支えています。
周辺諸国はドイツの輸出に対して対抗措置を設けようとしても、EUの制度上それができません。これらの国の苦境は、労働者が自由に国境を渡ることによって自助努力で解消する設計になっていますが、それがドイツの労働力供給源になっています。
ドイツのように周辺諸国の窮乏化で経済成長するモデルは誉められたものではないと思います。
（参考）
"How the euro helped Germany avoid becoming Japan" Matin Wolf, Financial Times, OCTOBER 30 2019
"What would have happened if the German economy had not been sheltered by the eurozone? The Deutschemark would surely have appreciated hugely, this time in a low-inflation world. That would have pushed German domestic inflation below zero, damaged the profitability and performance of exports and inflicted losses on German financial institutions, with their huge foreign assets. It would have made it impossible to preserve strongly positive nominal interest rates and probably impossible to avoid persistent fiscal deficits, too. In brief, the eurozone protected Germany from becoming another Japan. Germans should be thankful for what the euro has given them, praise Mario Draghi, outgoing ECB president, for his brave decisions to save the system from calamity and hope his successor Christine Lagarde will follow suit."
https://www.ft.com/content/04f48e1e-f97f-11e9-98fd-4d6c20050229