Posted by: LateForLunch ® |
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...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.
Modified by LateForLunch at Sun, Mar 06, 2022, 05:52:09