One more point why even standard theory may result in different advises for developing nations and the US in the current situation may be the that the US holds it debt in its own currency, while many developing nations have a big part in foreign currency.
For Europe I see no political theory, which would it make attractive to make the Euro even more expansive as it is right now, but that point my be better discussed in Jeromes diary "Is Greenspan now trying to sink the dollar?"

Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers