Trade between the United States and the European Union is modest; internal European trade is much more substantial. While TTIP is a controversial issue, there is little discussion of another, probably much more serious obstacle to trade than tariffs and non-tariff barriers: the sharply fluctuating euro/dollar exchange rate. These fluctuations have nothing to do with economic fundamentals, much more to do with speculation; they distort transatlantic trade and capital flows. Currency cooperation between the Federal Reserve and the ECB could substantially reduce these fluctuations and so boost growth and employment.