If this is the case, and I believe it is, then the movement of the euro has simply mirrored what would have occurred in the currencies of the euro area in the absence of monetary union.
It also stands in sharp contrast to the speculation, in the years leading up to the euro’s debut, that there might be a massive and rapid reallocation of investor portfolios out of dollars and into Europe’s new currency. Some experts estimated that such a reallocation of official and private portfolios could total in the range of $ billion to $ trillion.