I don't entirely agree that US startups are necessarily losers - if they can produce something for export to the EU, for instance (and especially if it's "exported" via the web), they'll come out ahead.
I wonder what's happening to advertising prices for things in Europe (and elsewhere). For instance, hotels in Rome, or something like that - theoretically, though ought to be rising, because the Euros used to buy them are worth more.
Of course, that doesn't work if your target audience is looking at ads bought with dollars.