Since June 2016 we have settled into a pattern. Whenever the pound plunges, it is followed by cries of ‘I told you so’. It is all the fault of Brexit and a result of international investors fleeing Britain and taking their money elsewhere. And when the euro plunges? We hardly hear a thing. Yet today, the euro has passed a milestone which ought not to be ignored: it has fallen below parity with the dollar for the first time since 2002. It is quite a tumble given that in 2008 it was trading at $1.5. Against the pound, the euro is now back to where it was in 2012, long before Britain’s departure from the EU became a serious prospect.
The Euro’s crash is a symptom of how dimly investors view the Eurozone’s structure and Europe’s ill thought-out green transition
International investors might not much like the look of the UK economy just at the moment, but even less do they like the look of the eurozone.
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