It's kind of a double edged sword and historically speaking the Euro is too young of a currency to say whether this is normal or not.Right. However, europe has been around plenty long enough to judge its relative value as an engine of economic growth. It has none.
Europe is monetizing its dollar denominated assets. Brilliant scheme. It will be countered.
I wouldn't be surprised to see a few countries opt out of the Euro in the next decade or so.