10. I think it's only the usual suspects who've benefitted much, in either country, actually:
... By comparison with the rest of the eurozone, Germany's recent economic performance has looked good. But compared with the days of Konrad Adenauer, Ludwig Erhard or Willy Brandt, it has been unimpressive. For much of the past decade, German banks were as reckless as their American and British counterparts, shifting capital abroad to finance housing bubbles in Spain and Greece. Investment in domestic industry was weak until the advent of the sovereign debt crisis prompted a much more conservative approach to lending.
"It is a myth that the German economy has gained from euro membership," said Charles Dumas, of Lombard Street Research. "Its growth has decelerated. Its growth of productivity has halved. Its citizens have accepted severe wage restraint without the former benefit of a rising currency, leading to negligible gains in consumer welfare. The undervaluation granted by their wage restraint has benefited producers artificially, and weakened the incentive to cut out waste – hence lower productivity growth."...