As the US economy went into meltdown during the 2008 global financial crisis, 1 euro was worth about 1.6 times the US dollar.
Now a combination of Europe’s front-line exposure to Russia’s war in Ukraine and the European Central Bank’s sluggishness in raising interest rates have driven it to parity, or a 1:1 ratio with the dollar.
It’s the first time the euro has sunk to that level since 2002, in the early years of the currency’s existence.
Nicole Sy explains what that means.
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