ECB monetary policy is weakening the Euro

If Greek membership in the euro area is indeed to be "irreversible", the Eurozone will need to implement for far-reaching reforms, or be willing to enter into further bail-out negotiations. 

With the Greek crisis over, the focus will shift back to monetary policy. The example of Greece has shown that, due to the different economic developments in the individual euro area countries, the ECB will need to pursue an expansionary monetary policy for some time to come. 

"Against this background, a stronger Euro is out of reach. And the markets will soon realise that this is the case. From our vantage point, the euro strength of the past few weeks is exaggerated", says Commerzbank.