No, immediate negative effect necessarily, but it would be active exchange rate management to stop appreciation, which is not what we expect to go down well with the German psyche.

Anyway, if all countries start doing that sort of thing, nothing stops the periphery (and France) countries to do the same... but with a lower exchange rate! Then we'll get central banks printing and printing, ad libitum, with no limit.
Then, once the periphery central banks have accumulated enough to essentially purchase Germany, a nice bout of inflation could ensue. Of course, the game would stop long before that.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi