Many German voters have balked at the cost of rescuing Greece and, by extension, the euro. Better, they argue, to return to the old deutsche mark and have thrifty Germany stand on its own than stick with the failed experiment of monetary union, especially union with undisciplined players like Greece, Spain, and Portugal.
Yet rising share prices and foreign sales at such German blue chips as BMW and Siemens (SI) show why it may be worth keeping the single currency even as voters complain. The overall drop in the euro this year has given German exports a nice boost by making them cheaper. Moreover, the introduction of the euro in 1999 forced German companies long ago to lower labor costs and become even more competitive.
The payoff from all this pain is clear: German unemployment has dropped to 7.7 percent, near an 18-year low, and the DAX, up more than 4 percent since January, is the euro zone's best-performing major stock index this year.For more: Germany Reaps the Euro's Reward - BusinessWeek
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