I think Europe has worse financial problems than we do.

Ok. But we can look at the inflation rate that the US reports, and the inflation rate that the EU reports. Then compare the ratio of those to how the exchange rate changes.

I don't see how having financial problems would make this comparison invalid.

That might be an explanation for as to why the inflation figures are what they are, but the math described above wouldn't change. If one currency is quickly being devalued while another isn't, it is going to be obvious when you try to exchange those currencies.

Who is we?

Europe != EU != Eurozone.