The ECB will indeed struggle to rein in the euro in the coming years /Currencies, FT, 8 September 2020/ due to the big policy shift made by the US Federal Reserve this year. The close financial cooperation between the two currency zones and also between the US and Germany in the 2010s seems to be over – a sort of financial decoupling has started.
The ECB could rein the euro during the 2020s by launching brand new and really huge green financing programs,creating a completely new green business sector by pouring trillion euros through the present banking sector and also directly into the European economy.
Otherwise we face the Swiss future for the euro.
Governor Matolcsy, MNB, the Central Bank of Hungary