Indeed, another way to see this is that's just forex valuation change. 2008 was the peak of EUR value after subprime crises in USA. And the "nearly two times"

Indeed, another way to see this is that's just forex valuation change. 2008 was the peak of EUR value after subprime crises in USA. And the "nearly two times" is more like 1.60 which is explained by the value of the euro coming back from 1.6$ to the more sustainable long term value of 1$. (usd/eur chart https://www.macrotrends.net/2548/euro-dollar-exchange-rate-historical-chart https://www.macrotrends.net/2548/euro-dollar-exchange-rate-h...)