This will kill the Europeans,imports will be cheaper and exports will raise wiping out profits.
It usually takes about two years for the true effects of exchange rate changes to filter through the 25 EU economies.
Even now the French are calling for a return to the Franc and the EU commission is considering utilizing Article 111-2 of the Maastricht Treaty giving EU finance ministers the power to shape the exchange rate.
The commission invoking the "nuclear option" would basically shut down the European Central Bank.The effects on the Franco-German "canoe club" would be interesting to watch.
Meanwhile we will still be buying 99c hamburgers and enjoying a 5-6% mortgage rate.
Thanks!