Today: Are we facing the next euro crisis? With economist Volker Wieland

The euro fell to its lowest level in 17 months this week. The exchange rate against the dollar was at its lowest point on Monday at 1.116. The last time the common currency was this weak was in May 2025. The trigger is considered to be concerns about public finances in France. These had already driven up yields on French government bonds in recent weeks.

Uncertainty is now growing on the markets: Are we possibly facing the next euro crisis? And are investors now testing the European Central Bank to see whether it will use its newly created instruments to rescue highly indebted countries for the first time? The economist Volker Wieland, endowed professor of monetary economics and managing director of the Institute for Monetary and Financial Stability at the Goethe University Frankfurt, classifies the situation.