Why was the Euro EVER worth so much....?
What magic is going on that allows the Reserve to deposit trillions into bank accounts but there is no inflation?
anything is only worth what a buyer is willing to pay for it. You could say there was relatively higher USD expected inflation. You could argue it was the expected efficiency gains by unifying Europe under a single monetary standard and the efficiency gains of free trade. It's very complex and there's no way to really know exactly.
as for "magic", there is no magic. The Fed is fighting DEFLATION which would be worse (or better depending on your perspective) without ZIRP and quantitative easing.
All right, they´re fighting deflation with talking up the dollar by implying forever that interest rate hikes are just around the corner, thereby importing deflation. Rising dollar = cheaper imports.