Electricity prices in the EU have collapsed the euro.

The euro fell to parity with the US dollar for the second time since 2002, as a sharp rise in energy prices fueled fears that the region’s major economies are headed for recession, FT reported. The euro fell by 0.4% to $0.99. The currency fell below the $1 mark for the second time since reaching parity with the US dollar for the first time in 20 years in July. Shares in Europe also fell in price. Europe’s regional Stoxx 600 index lost 1.2%, while Germany’s Dax fell 1.7%. These declines occurred against rising prices for basic power in Germany, whose indicator is considered a benchmark. Investors and economists are concerned about the rapid rise in energy prices leading to a decrease in European business activity.