The European Central Bank has called an Emergency meeting because the value of the EURO is sliding downward (fast) and looks to be worth less than one US Dollar very soon.
Countries around the world have begun unloading their supplies of EUROS because decisions made by Europe against Russia, show that Europe will not have much of a manufacturing base, or be able to sustain value of their currency much longer.
Europe’s reliance upon Russian gas and oil, and subsequent embargo of its own energy supplies in an effort to “sanction” Russia, is backfiring on Europe in an extraordinary way.
Put simply, Europe is cutting its own throat economically by embargoing Russian gas and oil. Without cheap and plentiful energy, Europe cannot have industry. Without industry, Europe cannot pay its bills and will collapse.
Rather than wait, countries around the world are lessening their supplies of EUROS, causing the value of that currency to drop against the US dollar.
Wells Fargo Bank in the U.S. made clear yesterday, they believe the EURO will fall to a value less than one US Dollar within a month: