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It is often said that the main beneficiary of the introduction of the euro was Germany. The common currency in Europe contributed to the growth of German goods sales, as other countries lost their national currencies, couldn't devalue them as before against the German mark, and goods didn't become more expensive for residents of other European countries.

If we look at the charts of the main European stock indices for 20 years starting from January 1, 1999, the date of the introduction of the euro for accounting purposes and electronic payments, this thesis is fully confirmed. Germany is the only beneficiary. Its stock market grew by 150% over 20 years, significantly outperforming its main competitors.

Interestingly, none of the main stock indices of the Eurozone countries, except DAX, could surpass the European Stoxx Euro 600. Its result was +45% over 20 years. The worst performance was -38% for the Italian MIB Index. Which, however, is not surprising. This country traditionally preferred to solve its economic problems by weakening its national currency, which became impossible after the introduction of the euro."

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