The act of central bank money printing temporarily drives down nominal interest rates, while at the same time creating inflation and lowering the intrinsic value of the currency that is printed.
Whereas in the recent past, one currency may be reduced in value compared with other currencies, this time there is global competitive devaluation as excess liquidity is put into the system.
French complaints about the strength of the single currency have been rumbling for some time, as the euro has climbed in value against the dollar and Asian currencies.