The debt crisis in Europe sparked by Greece this spring did not undermine all

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euro-zone economies equally. In fact, some have benefited from the growth opportunities that a decimated euro offers, and Germany tops the list.

Germany is Europe’s largest economy — and the world’s second largest exporter after China. For the most part, Germany exports manufactured goods such as machinery and automobiles — goods that are currently in high demand within Asia’s emerging economies, especially by the burgeoning middle classes. The devalued euro has made these goods cheaper abroad and, therefore, global sales of German goods have spiked this year.

But with few growth prospects on the horizon, and weighed down by fiscal austerity measures, the economies of Italy, Greece and Portugal have not fared as well. Countries such as these, lacking Germany’s export opportunities, will have to scramble to remain competitive, not just globally, but within the European Union itself. Tied as they are to the shared euro — and German economic dominance — these countries have little flexibility to do so.

And it’s not only in trade that national differences abound within the euro zone.

In July, a committee of European regulators conducted a series of stress tests on banks to see how they would perform under different adverse market conditions.

While German banks have refused to reveal their full exposure to sovereign debt, nine public sector banks passed the tests despite having lost billions in subprime assets.

Of the 91 banks tested only seven failed — five Spanish banks, one in Greece and one in Germany.