Rettet die DM - Save the Mark was our slogan in 1989, and again in 1992 and 1996. It is as true today as then. Fact is:
Europe, in particular France, is Germanys most important trading and export partner. But already since 1900, long before Maastricht was conceived. In international trade however not absolute figures count, but the surplus: export or import surplus.
Export surplus means: employment here.
Import surplus means: employment there.
Since Maastricht, things have changed dramatically.
Our export surplus dropped from 64 Mlrd. DM 1990 - down to 40 Mlrd. DM 1994.
Payments to Europe rose from 35 Mlrd. DM 1990 - up to 64 Mlrd. DM 1994.

Hence the question: who benefits from the Euro-money?

To clarify the issue, a few definitions

EMU - Currency Union: no more DM or Lira or Pound - just plain Euromoney.
Inflation: a loss for Mrs. and Mr. Everybody. But profitable for those with debts.
Why should governments with huge debts be against inflation?
Konvergenzkriterien and Stabilitätskriterien are the official rules of the game, to prevent Euromoneys inflation. A tiny problem: these rules may be changed at will after the introduction of the new money. Of course that will not happen - will it not?

Be sure: if any Government has debts - there will be inflation.

This Euromoney will be called EURO. Before it was the ECU, in existence since 1979. This was used for transfer between banks as a Korbwährung: it does combine all European currencies. But since 1980 it lost against the DM 25%. Without the DM, the loss would be nearer 50%. So much for EURO and ECU stability.

The Währungsraum, the region within which a currency is valid, is important, because it determines a currencies stability. The more different individual economies are, the less stable a currency. Now how "identical" are the Greek, Portuguese, Italian, British and German Economies? This EURO money cannot be stable!

Wechselkurse, the rate of exchange, determine the value of a currency. These exchange rates are the safety valves in international trade. If a country is in poor shape - such as Germany after the war - its currency is worthless. But this country does have a great opportunity for export, because its goods are cheap in other countries. So gradually this countries money gets more expensive and its goods get more expensive so this country cannot overrun its neighbours.

Only the rate of exchange is the safety valve in international trade.