Among the four major currencies, the Euro has performed well since its launch. Even taking into account the recent period of high inflation, the inflation target has only been narrowly missed overall; the Euro is as strong against its trading partners as the lower inflation rate relative to these countries would suggest. The real economic impact of exchange rate fluctuations is therefore minimal.

Of course, the Euro is not a competitor to the US Dollar. It cannot match the significant strength of the USD in the years since the financial market crisis, nor can it seriously compete with the Greenback as the world's leading currency.