That's macro economics 101 and everyone was aware of it at the time, and it was for that specific reason that the UK and several other countries (most of Scandanavia) stayed out of the Euro.
The decision to go for a common currency was grandly political, rather than economic, the main drivers where France and Germany that have an ultimate vision of achieving a federal Europe - they have memories of two catastrophic wars and 'never again' is a big thing for them.
A unified currency was a first step and it seemed to work for quite a long time - and might still. It took fraud and lies from Greece and stupidity and wishful thinking by Eurocrats to let Greece into the group in the first place and a global economic meltdown to break it. They're circumstances that are unlikely to be repeated.
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