re: 1 EURO = 1.24 $
If the exchange rate was 1.24 Euro = 1.00 $, the Americans would be howling about "dirty floating". Dirty floating is an old trick the Japanese used to play where they'd deliberately push down the Yen to improve their exports. The Americans didn't like it a bit because the Japanese were effectively exporting unemployment to America. I suspect we're making suckers out of the Europeans. The Europeans are so proud of their new currency that they neglect to notice that we're stealing their clothes.
Gary