This means that the euro is at its weakest against the dollar since winter of 2002, twenty years ago.
While the news is positive for Americans conducting business and traveling in Europe, it is a worrying sign for the health of the global economy.
The euro has been significantly weakened by Europe’s energy crisis due to the war in Ukraine. Russia supplied nearly 40 percent of Europe’s gas before the war with Ukraine, and the bloc has since attempted to reduce dependence on fuel from the country.
Euro and dollar equal in value after fuel crisis, inflation
This has come in the form of sanctions and partial bans against Russian gas and fuel in the EU, as well as attempts to source fuel from other countries.
In retaliation, Russia has cut back supplies of fuel to European countries that depend on it. The Nord Stream pipeline, which links Russia to Germany, was shut down on Monday for ten days. While Russia claims that it was shut down for annual repairs, the EU fears that the pipeline, which is essential in bringing fuel to Europe, may be closed forever.
Before it was shut down, Russia reduced its gas supplies to the EU by way of the pipeline by around 60 percent.
2. I Register Business Names, Limited Liability Company, NGO, Social Clubs, etc At Corporate Affairs Commission. I Do Nationwide Newspaper Publication. 08136125128.
Comments
Post a Comment