According to Canadian media reported on December 23rd, although Germanic people seem to be gnashing their teeth about the debt crisis, the news from Berlin shows that it has not suffered any heavy losses.

In fact, Germany.

Germany is the third largest country in the world after export, which is second only to China and the United States. Its exports are still rising, thanks to the debt crisis.

Before the bankruptcy of Lehman brothers broke the global financial system in 2008, 1 euros was worth 1.6 dollars.

In view of this grim situation, Germany is very anxious, worried that German goods will be squeezed out of international prices.

Now the euro has fallen by about 18% against the dollar and can only be converted into 1.31 dollars per euro, which is a great consolation for German manufacturers.

Now let us imagine that if the debt crisis did not happen, Greece, Ireland and Portugal would not need help. The common currency of the euro would not experience a survival crisis.

There is no doubt that the euro's exchange rate will continue to rise, but how high will it be?

The investment bank of Royal Bank of Canada estimates this.

In a conference call between London and Toronto this week, currency strategist Elsa put forward the idea that if the euro were to circulate without crisis, Euro 1 would be convertible to 1.6 US dollars, the highest or US $1.7.

However, ten years ago, when the euro and the US dollar were almost equivalent, this was a huge change.

If the euro goes to such a high level, the German exporters must have been beating their heads up.

There is no doubt that in 2011, the gross domestic product of Germany is expected to increase by 3.1%, second only to Sweden (EU member countries, but not the euro).

According to Deutsche Bank estimates, growth will be almost flat next year, but considering the current tightening situation everywhere, this is indeed a success.

In 2012, regardless of size and strength, all euro zone countries will experience economic contraction and no escape. Italy has plunged into the mire of economic recession early.

It is no coincidence that Germany has become an economic giant.

After the Second World War, it realized that exports were the best way to drive the country's economic development, eliminate poverty and generate high value jobs.

Indeed, in 1960 alone, West Germany gained nearly 9% of Global trade - more than half of the US market share.

By 1990, Germany was the largest exporter in the world after the reunification of Germany.

However, unification also brought a heavy blow to Germany.

From the end of the last century to the last 8 or 9 years ago, the average annual growth rate of Germany's economy was only 0.5%, and it was also known as the "sick man of Europe" in 90s.

Germany has adopted a series of measures, such as internal depreciation and investment increase, to enhance Germany's competitiveness.

These methods worked well.

The OECD said that from 2000 to 2008, the average labor cost in Germany dropped by 0.5%, while at the same time, the cost of labor in other countries in the euro area soared.

In addition to the surge in exports, Germany's current account surplus has jumped second in the world, after China.

While its export volume and current account surplus are rising, other euro zone countries are showing a downward trend, while their deficits are still very serious in Italy, Spain and some other weak European countries.

Germany is now in a very awkward position.

If we want to fix the crisis, it must reduce the budget deficit and take a series of measures: reducing business tax, bureaucracy and reducing labor costs.

With the recovery and improvement of productivity in other countries, competition will become increasingly fierce, and German companies will surely suffer losses.

Germany has been openly opposed to the crisis and is very abhorrent to its status as the primary sponsor of Greece, Ireland and Portugal.

It has also been pressing the rich euro countries such as Finland and Holland to invest heavily in the IMF.

In fact, in the process of solving the crisis, the role of IMF is far more prominent than Germany.

Germany has been protesting, but also enjoying the benefits of the euro exchange rate reduction, and it knows well that the deficits of many countries in the euro zone have made Germany's soaring exports.

In the past two years, in addition to some dreaded headlines, Germany has not suffered any serious crime.