NEW YORK (TheStreet) -- European Central Bank President Mario Draghi has already achieved his goal of getting the value of the euro down so that the eurozone can become more competitive in world markets.
The euro has broken the $1.30 barrier, and was trading at about $1.29 on Friday morning.
One of the problems that countries with non-competitive economies experience if they don't have their own currency is that they can't cause a decline in the value of their currency in order to make their goods more competitive.
With 18 countries in the European Union using the euro, some of which have strong, competitive economies and others that have weaker, less-competitive ones, a decline in the currency is undesirable for the stronger economies but helpful to the weaker ones.
Over the past couple of years, for instance, Germany has been the competitive, stronger economy and has strongly resisted the demands by the weaker, less-competitive economies to reduce the value of the euro.
That problem exists no longer.
The German economy actually declined modestly during the first half this year. The eurozone as a whole has basically shown no growth, and, disinflation continues.
Draghi has been pushing for a decline in the value of the euro this year to spur on eurozone exports by means of monetary actions so that governments such as France and Italy can introduce structural reforms to their economies in order to become more competitive.