The Euro has acted as a strangling device for everyone in the union not named Germany. For Germany, it has enabled them to ride an artificially cheaper currency with their exports (were they using their own currency, it would be far more expensive). For Italy, Spain, Portugal, Greece etc, the currency held them back by being even more expensive than their own currency would have been; for eg Finland, it has prevented them from making adjustments to become more competitive on numerous cost structures. The end result has been eight years of no net economic growth (and in recent dollar terms it&#x27;s now far worse than that).<p>The lack of Eurozone growth will spur more QE for years to come. The US is presently done with its QE program, and there&#x27;s nothing on the horizon that indicates it&#x27;ll need to return to that in the next several years (large budget deficits would cause that, but so far Congress isn&#x27;t growing spending in an out of control manner).<p>That context will push the Euro lower, and the USD higher versus. Until the Eurozone can show off serious growth (not 0.3%-0.5% type &#x27;growth&#x27;), rapidly improving household balance sheets, and a significantly improving employment picture (not 11%), the Euro will struggle.