Looking at the main underlying causes, the high rate of domestically based real growth in the United States seems to have been one of the main underlying factors of that strength.
However, it is also important to bear in mind the historic dimension of the euro area as a common European project, and the adequate approach to evaluating the exchange rate of the euro against the USD is certainly a long-term one. … How can we turn the current expansion in the euro area into a prolonged period of non-inflationary growth?