The growth of euro bonds may create winners among many industrial suppliers, in the wake of larger projects among customers, but other dimensions of euro-zone business are likely to create pitfalls.
The effect of euro price transparency where all national markets are priced in the same euro currency will be most marked among those companies with the least sophisticated products.
A supplier which adds value to its commodity products by also providing consulting services and one-stop implementation packages is the least likely to suffer from a requirement to keep product prices to the lowest European common denominator usually the market prices of the southern European countries.
These extra services can in effect hide the national price variations by tailoring elements of the product specification to one customer only in one particular country.
The more bespoke the product, the more chance of differential pricing.
This is an extension of the practice many suppliers already use to differentiate themselves from cut-price competition from newly industrialising countries.
With the euro, that competition appears to be coming much closer to home.