"When you print from PageMaker to a PostScript printer, or when you export a publication to PDF, a PostScript file is created. PageMaker embeds font information in this PostScript file. If that font doesn't contain a Euro character, PageMaker substitutes a bullet."
In your case, the Arial € glyph is not within the first 255 of the font - so PM can't see it.
You don't give your version of PM or Windows but this page in the Adobe PM knowledgebase should answer your query.
Euro Character Is Substituted with a Bullet in Printed or Exported PageMaker Publication
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