The Eurozone is in great trouble. Their economy is in rough shape and the lockdowns are only making the situation much worse. The USD is in a much different situation since it is the reserve currency. What will save the EURO is the deflation on the continent due to the collapse of the economy. Whereas the US bounced a bit in the 3rd quarter, the EU is holding steady in their decline.

At the core is confidence and, right now, it is hard for the ECB to get financed for a pencil sharpener. That is why they are discussing perpetual bonds that require no rolling over. They simply pay the interest and never get to the base.

What is the overriding factor that is rarely discussed is the growth of technology and its impact upon monetary policy.

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