But a Germany outside of the Euro is at far less threat of competitive devaluation than a Germany in an EU of a large number of sovereign currencies.

Which suggest that perhaps Germany stepping outside the Euro causes less risk of an outbreak of competitive devaluation than forcing the peripheral countries out one by one.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.