It's terrible. 1 dollar is almost the equivalent of 1 euro, because of the recession. The European Central Bank (ECB) has raised its key interest rate. After the first 0.5 percentage point move in July, more will follow. That was thought to reduce the effects of the recession, however, the immediate effects of a rate hike were not felt, according to IW. On the other hand, the ECB's intervention may even increase the risk of a recession. "Stagflation is a real risk in Europe," this will continue, if covid and this war passes maybe the recession in Europe will ease.