As of Tuesday morning, one euro is equal to exactly one dollar, meaning that the value of the euro is down by over 12 percent compared to its value at the beginning of the year.

This means that the euro is at its weakest against the dollar since winter of 2002, twenty years ago.

While the news is positive for Americans conducting business and traveling in Europe, it is a worrying sign for the health of the global economy.

The euro has been significantly weakened by Europe’s energy crisis due to the war in Ukraine. Russia supplied nearly 40 percent of Europe’s gas before the war with Ukraine, and the bloc has since attempted to reduce dependence on fuel from the country.

Euro and dollar equal in value after fuel crisis, inflation