Expect the dollar to depreciate sharply against the euro in the longer term

Three mechanisms point to a significant depreciation of the dollar against the euro: The fact that the monetary expansion is markedly stronger in the United States than in the euro zone; The accumulation of external debt by the United States and external assets by the euro zone; The gradual creation of federal debt in the euro zone. This reasoning obviously assumes that there is no serious political crisis in the e uro zone that will threaten the existence of the zone .