Euro Is Only Partly to Blame for Currency Pain in Europe’s East

  • Forint to zloty lag emerging-market peers in September
  • Individual country risks add to euro-induced declines
Bundles of euro and Forint currency banknotes.Photographer: Akos Stiller/
Lock
This article is for subscribers only.

Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here.

At face value, the euro is to blame for the currency slide across eastern Europe, because the region’s economies are enmeshed with European Union supply chains.