For the first time in two decades, the value of a U.S. dollar was equal to the Euro.
According to the European Central Bank, the last time the two currencies were equal was November 2002. Since then, the value of 1 Euro has exceeded the value of 1 U.S. dollar.
At one point in 2008, just before the U.S. entered a recession, the value of 1 Euro was equal to $1.58.
Since February, the value of the Euro has dropped over 12%. Europe has seen more severe economic impacts from the war in Ukraine, including a steeper increase in energy prices.
In much of western Europe, gas prices have reached more than $8 a gallon.
The International Monetary Fund said in April that the war in Ukraine has set Europe back in its post-COVID recovery.
“The war is a serious setback to Europe’s strong yet incomplete recovery from the pandemic, which left private consumption and investment well below pre-coronavirus forecasts, even as fiscal and monetary support underpinned an impressive rebound in employment almost to levels last seen before the pandemic,” it wrote.