The year 2022 was the last time the euro reached parity and even fell below the dollar.
This was largely due to the energy crisis: as the euro area is a net importer of fossil fuels and the US a net exporter, the surge in energy prices worsened the euro area's terms of trade, causing the euro to depreciate against the dollar. Enjoy access to all articles and 25 years of archives, comment and gift articles. Become a member for as low as €1,75 per week.To read this story, log in or subscribe
Judith Arnal is a Spanish economist with the Real Instituto Elcano think-tank and the Centre for European Policy Studies.
Judith Arnal is a Spanish economist with the Real Instituto Elcano think-tank and the Centre for European Policy Studies.