The EURO parity with the USD : Implications for the Global Economy
The EURO parity with the USD :
Implications for the Global Economy
Trần Quốc Hùng
The Euro (€) has fallen to parity with the US dollar (USD) for the first time in 20 yearsn having depreciated by 12% since the beginning of 2022. The Euro reached a record high of almost $1.60 in 2008. The current weakening of the Euro has resulted from a combination of formidable challenges facing the Euro Area (EA° including economic disruptions caused by the Covid-19 pandemic and Russia's war against Ukraine ; and a general strengthening of the USD against pratically all other currencies. The strength of the USD has been driven in tuen by the Fed's rate hikes and quantitative tightening neeeded to fight inflation reaching 9.1% in June. The fallouts from the pandemic and the war in Ukraine have exacerbated the ffects of the US-driven tightening of financial conditions – all together imposing a huge economic burden on many countries.
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NGUỒN : bản do tác giả gửi Diễn Đàn ngày 13.07.2022
Bài sẽ được đăng trên Tạp chí
Atlantic Council
Tác giả là thành viên cấp cao của Atlantic Council ; nguyên giám đốc chấp hành IIF (International Institute of Finance), nguyên phó giám đốc IMF (Quỹ Tiền Tệ Quốc Tế).
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