Friday

29th Mar 2024

Ticker

Euro hits dollar parity for first time since 2002

The euro hit parity with the dollar for the first time since 2002 on Tuesday. The eurozone currency has lost value rapidly since the start of the war in Ukraine, when it was trading at $1.15. Fear the Kremlin will cut off gas to Europe has pushed the euro down. This will drive up the relative price of oil which is traded in dollars, further driving up inflation.

Read and decide

Join EUobserver today

Get the EU news that really matters

Instant access to all articles — and 20 years of archives. 14-day free trial.

... or subscribe as a group

Opinion

EU Modernisation Fund: an open door for fossil gas in Romania

Among the largest sources of financing for energy transition of central and eastern European countries, the €60bn Modernisation Fund remains far from the public eye. And perhaps that's one reason it is often used for financing fossil gas projects.

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

Join EUobserver

EU news that matters

Join us