An aging economy (Europe) and a history of conflict (one of the main reasons for the Euro - to help end conflict), differing cultures (frugal, or live for today) ... not my choice for reserve currency
Another European Crisis Looming? - Newsweek:
"While the world has been transfixed with Japan, Europe has been struggling to avoid another financial crisis. On any Richter scale of economic threats, this may ultimately count more than Japan’s grim tragedy. One reason is size. Europe represents about 20 percent of the world economy; Japan’s share is about 6 percent. Another is that Japan may recover faster than is now imagined; that happened after the 1995 Kobe earthquake. But it’s hard to discuss the “world economic crisis” in the past tense as long as Europe’s debt problem festers—and it does."