The CurrencyShares Euro Currency Trust (NYSEArca: FXE) is higher on a year-to-date basis, performing admirably relative to some other developed markets currency exchange traded funds, but the common currency still has plenty of doubters.

Most European market observers have been critical of European Central Bank President Mario Draghi’s stimulus measures. Specifically, many believe the measures have been too little too late, even after the ECB cut all three key rates this month and expanded quantitative easing.

Related: Brexit Opens Opportunity for Europe ETFs

While the ECB’s efforts to weaken the euro this year have not delivered on par with investors’ expectations, some market observers still believe the currency is heading for more downside.

Nobel prize–winning economist Joseph Stiglitz said in an interview with CNBC that the euro is “doomed” if Eurozone policymakers do not make significant structural changes.

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Overseas investments have gained popularity in recent years as global central banks enacted loose monetary policies to promote economic growth. However, the accommodative central bank measures would depreciate their respective currencies. Consequently, many investors have turned to currency-hedged ETFs to capture the growth and protect themselves against the foreign exchange risks.

Related: International ETFs: Currency Story Hasn’t Changed

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