Editor's note: Originally published at tsi-blog.com on August 5, 2019.
The euro may well gain in value relative to the US$ over the next 12 months, but three differences between the monetary systems of the US and the eurozone guarantee that the euro will collapse (cease being a useful medium of exchange) before the US$ collapses.
The first difference is to do with the eurozone system being an attempt to impose common monetary policy across economically and politically disparate countries. This is a problem. A central planning agency imposing monetary policy within a single country