Absolutely, but if an institution is taking some form of deposit in euros and promises to make predictable payments in euros then being long euros is not a dire

Absolutely, but if an institution is taking some form of deposit in euros and promises to make predictable payments in euros then being long euros is not a directional bet for that institution. Of course the picture gets a little murkier once you start considering inflation caused by exchange rate fluctuations. But that is probably not the main concern in a large currency area with an independent central bank.