I am not a currency guy, but I do like reading about currencies since they are, after all, money. 

I was reading a piece in the Gartman Letter recently comparing the dollar and the euro, in particular, a comparison of structural issues.  Here are a few points from the article, plus a few more I tossed in after a few minutes of thought.

On the Euro and the Euro-area

• Little history as a monetary unit
• Lower growth
• Higher government fiscal deficits relative to GDP
• More government debt to GDP
• Lower interest rates
• Lower productivity levels
• More regulation
• Higher unemployment rates
• More rigid labour markets
• Fractured and at times disfunctional polity of member states
• Less unified
• Smaller military
• More political resistance to globalization

• Higher current account deficit
• Higher consumer debt to GDP
• Lower standing in the world due to the invasion of Iraq

Got any more?  Post it in the comments section. I'd like to hear other points.