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TRAVEL -- EXCHANGE RATES make touring Europe tempting for now.

THANKS TO A WEAK euro and low inflation in Europe, travel in many countries on the Continent is remarkably cheap.

The main reason for the windfall is the decline in the value of the euro and of those currencies that stand in for the euro in day-to-day transactions. The euro has fallen 26% since it was issued on January 1, 1999; much of that slide has occurred since last May. As of early September, one dollar was worth 190 Spanish pesetas, a 33% increase in the dollar's value in January 1999. The dollar was also up 15% against the French franc and the Italian lira over the same period. And with Europe enjoying a 2% inflation rate, prices are stable.

What that translates into, for example, is a mere $57 per night at the charming and recently renovated Hotel du Champ de Mars, near the Eiffel Tower in Paris (call 011-33-145-51-52-30 for reservations). One caveat: If you plan to travel by car in Europe, expect a serious erosion of your buying power. Gasoline costs twice as much in France as in the U.S. (and triple the U.S. price in the U.K.).

Great Britain has thus far chosen not to fix the pound to the euro. So while the pound has also fallen a bit against the dollar, prices remain high in the U.K. and you won't find any bargains there. (No breaks in Ireland, either.)

The big question is how long this window for bargain-minded Europhiles will stay, open. Currency experts disagree over whether the euro has bottomed out or will decline even more.

If, as many believe, the U.S. economy will slow as European economies pick up, the consensus is that the euro will rise. So if you want to enjoy the Continent on the cheap, consider booking that trip to Paris or Rome now.