Notably, in its last report on the World Economic Outlook, the IMF considered the real effective exchange rate of the euro to be on the strong side of medium-term fundamentals. 6 Looking more closely at the euro-dollar exchange rate, some observers have expressed their surprise at the appreciation of the dollar against the euro since mid-2008.
Some considered this appreciation to be at odds with the US-related origin of the crisis, especially the weaknesses in the US financial system, and the persistent – albeit gradually improving – US current account deficit.