I would guess that it’s mainly because the Euro inflation is staying put at around 3% while ours is over 5% (thanks to the 12% increase in VAT, or 2.5% increase on VATable goods prices) but there’s little chance of the BoE of increasing interest rates to attack that inflation. (mainly because the expectation is that the inflation will fall back down in the short/medium term anyway)
So Euro has a marginally more attractive purchasing power integrity than Sterling at the moment for a given interest rate environment.
Dont confuse “Euro at risk” with currency weakness. The risk is euro denominated bonds not being as robust as they ought to be, not the underlying currency.