EU has like the US a high debt. 85 percent of GDP, and rising. Not as bad as the US ( 130 percent). In short, remember England refused to use the Euro, for many reasons which will answer the question.
More:
https://www.bruegel.org/policy-brief/rising-cost-european-union-borrowing-and-what-do-about-it
Also realize Germany and other EU nations are suffering from senile Joe’s sanctions- Russias reverse sanctions have damaged heavily their manufacturing which depended on cheap Russian energy, commodities, metals, etc.
The future outlook for the EU manufacturing is bleak.
The reason the Euro fell out of contention as a reserve currency:
https://www.theguardian.com/world/2013/mar/25/cyprus-bailout-deal-eu-closes-bank