The exchange rate between the euro (EUU) and the US dollar has reached parity, which means the two currencies are now equal in value, for the first time in 20 years.
On Tuesday, the euro was worth $1, down around 12% from the year's beginning.
High prices and the uncertainty surrounding the energy supply brought on by Russia's invasion of Ukraine have fuelled widespread fears of a recession on the continent.
The European Union is working to lessen its reliance on Russian oil and gas, which accounted for about 40% of its gas supply prior to the war.
In addition, Russia has reduced the flow of the Nord Stream pipeline to Germany by 60%, reducing gas supply to some EU nations.
Now that crucial component of Europe's gas import infrastructure has been shut down for ten days owing to planned maintenance.