...simply means that the Euro (once valued at 150% of U.S. Dollar) has lost so much value in the twenty years it has existed, that it's now almost equal to $1.00.
It's largely because the European Union includes a bunch of countries (like Italy and other mostly southern-European states) whose debt-to-GDP is pathetic (their debt is more than their GDP). That makes the currency's value much lower than it would be if only economically-healthy states were members. The endless defaults and bankruptcies of socialist states (with massive entitlement spending they can't afford) drags down all of the healthy states.
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