Depending on whether you look at purchasing power parity or the price of Big Macs, the euro is anything from 7 per cent to 18 per cent overvalued against the US dollar.
Yet, with the euro falling in under three weeks from $1.42 to $1.33, European politicians are increasingly concerned.
The oddity is not that the euro has fallen so much. It is that it has not fallen further. May’s Greek crisis saw the euro tumble to $1.20, far further than the fall of the past three weeks.
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