Lex: The euro

The euro is in retreat against the US dollar, touching a four-year low after the worst crisis in its short history. There is talk of euro/US dollar parity some time next year. The US economy is in far better shape than the eurozone’s; the Federal Reserve will probably start raising interest rates before the European Central Bank does. No wonder the US dollar is buoyant. But it is premature to write an obituary for the euro; we have, after all, been here before. Vincent Boland analyses the reasons behind the currency's fall.