A real euro crisis?
The eurozone is having to face up to the most serious test in its history. The rapidly rising level of public debt in certain member states is taking these countries to the verge of bankruptcy. For a long time the debt issue did not have a significant influence on the euro exchange rate. However, since 2011 the value of the euro has been going down. From May to September 2011 a euro was worth about US$1.46, but by the middle of January 2012 it had dropped to US$1.26.