From endangered to danger? Can the strong euro choke off the recovery before it has even started?

Sometimes the euro looks like the unwanted or unloved child that can never get it right. A weakening of the euro is often regarded as a harbinger of tension and fading confidence in the entire monetary union. At the same time, a strengthening euro is quickly condemned as harmful to growth. At the current juncture, the initial relief associated with the latest euro strengthening has cleared the way for a more sceptical view on the exchange rate. There is now a fear that the recently endangered euro could itself become a danger for the Eurozone.

Here is the link to my latest ING research note: ING: From endangered to danger?