The Euro has risen again, to 1.3342 USD, while Euro unemployment has reached record high. But Inflation is low, to please the inflation-hawks. The Eurozone, in spite of all its problems, remains the core of the world most lucrative export market for Chinese, US and other products, including German ones (40% of German exports in 2011).
PS. Let's not forget that the introduction of the Euro (with 12 members) deprived many of 11 (12-1) tools of speculation (not to mention revenues lost from FX between those 12 currencies). It seems that they recovered those tools via the CDSs that applied to sovereign debt. The rest is History (still in the making).