james. yes you have a point perhaps the increased hassle factor will deter some people who would otherwise like to take advantage of a favorable exchange rate. europe on the other hand will suffer a lack of american tourists.
as far as security goes, i would say i saw very tight security in germany and the uk when i was last there back in november 03. inbound travellers were being questioned especially heavily by the uk immigration inspectors.

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1984 300D Turbo - 231k....totalled 11/30/07 RIP