To me it appears that the euro is not tightly enough regulated. When the Euro was introduced, the Netherlands were one of the few countries who could hold up to one of the rules (max of 3% overspending). Because of Germany and France could not go down to the 3% that rule was not strictly enforced. Germany could be excused though, as East and West Germany became one Germany again not that long before the introduction.
Because of that many countries were allowed into the pact if they would promise to go down to the 3% level, same as France and Germany. Nasty effect is that this has weakened the strength of the Euro.
The US Dollar gets printed almost faster than it is spent, devaluing the coin.
My point is that with proper financial regulation both the Euro and USD would not have fluctuated that much and could have benefited prices/exchange rates. Now I can only guess how this would have affected the crisis, I cannot help but think that both continents would have been out of the woods by now.
Just read that the growth of the US economy was stagnating again in May, according to FED's Ben Bernanke.
