A friend planning a European vacation next summer told me the other day: "The dollar isn't worth a damn over there anymore. I'm not sure I'll go."

He was right about one thing. The dollar's value when converted to euros has been going downhill faster than a skateboarder on the Conejo Grade.

What my friend hadn't stopped to consider, though, is that he was planning to visit Europe by cruise ship. For 2008, that is starting to look like a real bargain.

Unlike hotel rooms and meals in Europe, cruise fares are quoted in dollars, not euros. And because itinerary prices are announced a year to 18 months in advance by cruise lines, 2008 fares were locked in way before the latest dramatic slide in the dollar's value.

Even with fuel supplements just announced by most of the cruise lines for 2008, it looks like the way to see Europe next year is on a voyage. Those surcharges for fueling ocean liners were necessitated by the doubling of the single biggest expense of operating a ship. Although they are in addition to the cruise fare, they amount to only $5 to $8 a day per passenger. And those supplemental fees apply to cruises everywhere — not just to Europe.

My friend reconsidering his plans to travel to Europe next year is not alone. The number of American tourists traveling to Europe is proving to be less than expected this year. Some pundits had predicted a 5 percent jump from the previous year. Turned out there was only a 1 percent increase for the first seven months of 2007, according to the latest statistics. Blame it on the dollar's declining value.

Perhaps you remember all the hoopla when the euro first came on the scene as bank notes and coins in 2002. In July of that year, it was an even exchange. You simply swapped one dollar to get one euro. Even I wouldn't have needed a calculator wandering around Europe that summer.

The dollar's value has been going downward ever since, making a conversion calculator a must for European travel. Lately the dollar's slide has been getting slipperier. Trying to put a positive spin on it, let's just say that the conversion rate is getting easy to calculate again. Now you have to cough up about $1.50 to get your hands on one euro.

So why, you might ask, were the flights to Europe so full this summer if people already started cutting back on European travel? And why will they surely be packed again next year?

I'll give you a hint: For a certain group of individuals who fly the same route (but in reverse order), travel to the U.S. is starting to look like a visit to the world's greatest discount outlet mall. Switching around those exchange rates, a dollar costs less than 70 cents in euros. Start boning up on your German and French so you can properly greet our many new visitors.

Here's my advice for seeing Europe in 2008: Cruise on an American cruise ship in 2008 and you'll be mostly immune to the latest deterioration of the dollar (especially if you eat all of your meals on board and limit your shopping). Make your reservation for that voyage soon though, because while basic cruise fares were set more than a year ago, the early-booking discounts that cruise lines routinely offer will quickly be reduced. Next year's European itineraries are selling out faster than ever.

Now is a good time for cruisers to take advantage of this windfall, because over the long term I see cruising's price advantage diminishing if the dollar's decline continues. Why? Guess where most of our cruise ships are built? That's right ... Europe. And they are priced in euros.

The dramatically higher price of those vessels will be built into future cruise fares that you and I will be paying.

— David Loe, president of Radio Cruises, has been organizing group cruises for Ventura County residents for 20 years. E-mail David@RadioCruises.com.