After a Strong Euro Appreciation in 2025, What’s Next?
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Europe in Flux

After a Strong Euro Appreciation in 2025, What’s Next?

16 April 2026 / Article

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In 2025, the euro experienced its third-largest appreciation against the US dollar since 1999, impacting Euro Area exporters and inflation dynamics. This article reviews the drivers of this appreciation and assesses what could influence it further in the short and medium term.

In 2025, the euro experienced its third-largest appreciation against the US dollar since 1999, impacting Euro Area exporters and inflation dynamics. This article reviews the drivers of this appreciation and assesses what could influence it further in the short and medium term.

Author

Alejandro Fiorito

Alejandro Fiorito Alejandro Fiorito

Economist
The Conference Board

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