The Dollar Is Still King in Europe, and It’s Swaying Interest Rates

The U.S. dollar remains critical to European inflation and growth, and it might hinder the ECB’s handling of interest rates despite stubbornly high inflation

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The dollar has lost little of its global dominance despite some countries’ push to use other currencies.FRANKFURT—It’s not just Americans watching anxiously to see if the Federal Reserve raises rates or the; so are Europeans, and indeed many other countries. That’s because for all the talk of deglobalization and de-dollarization, the dollar still reigns supreme, and financial and trade ties between the U.S. and key partners are as strong as ever. In Europe’s case, they’re even stronger.

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