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The euro and the US dollar are at parity for the first time in 20 years

For the first time in 20 years, the exchange rate between the euro and the US dollar has reached parity — meaning the two currencies are worth the same.

The euro hit $1 on Tuesday, down about 12% since the start of the year. Fears of recession on the continent abound, stoked by high inflation and energy supply uncertainty.

The European Union, which received roughly 40% of its gas through Russian pipelines before, is attempting to reduce its dependence on Russian oil and gas. At the same time, Russia has throttled back gas supplies to some EU countries and recently cut the flow in the Nord Stream pipeline to Germany by 60%.

查看中英双语全文，微信关注“可可英语晨读”公众号。关注即可【加入晨读打卡学习群、领取双语全文pdf笔记，还能提前锁定免费直播课名额】。更多更快更精彩的内容，尽在“可可英语晨读”公众号。