Yes, and my point is that the ECB was therefore be stuck: too high a rate and Germany suffers, too low a rate and places like Ireland suffer. Ultimately the ECB chose a rate which was better for Germany than for Ireland, in the balance of things, and now Germany is very unhappy that it got such a good deal.
You're absolutely right that the rate was totally inappropriate for Ireland at that point in time. Today, it is more appropriate for Ireland than it is for Germany. These issues are inevitable in any currency area. The benefits are also well known.
