As long as 'austerity' is the buzz word out of Europe I see little to no growth and a long slow decline in the Euro - FX. One by one the 'PIGS' will slowly exit the trading zone amid a very sanguine economic backdrop. Should Federalization ever gain traction (exchange of country debt for some sort of Euro debt instrument) this market will take off. Ironically, Euro FX weakness plays right into the German's hands and companies like BMW, Porsche & Volkswagen are making an absolute killing because of it....