Now’s the time to take that European vacation

Still haven’t booked your summer vacation? Here’s a tip: If you’re in the US, now is probably the best time in ages to come and visit Europe [Bloomberg]( Follow Us [Get the newsletter]( Still haven’t booked your summer vacation? Here’s a tip: If you’re in the US, now is probably the best time in ages to come and visit Europe. Not only has most of the continent finally shed most Covid restrictions, but the euro is at its cheapest in about six years, too. In mid-May, it dipped below the $1.04 mark, bringing it tantalizingly close to parity with the greenback. How good a deal is this really, taking inflation into consideration? The last summer you could travel freely — in 2019 — the euro was only a bit more expensive. The average conversion rate that June was about 1.13 dollars to one euro. In comparison, if you took off to Europe in the next week or so, some things would cost you slightly more — like visiting a Lithuanian castle or enjoying a Pils in a Berlin beer garden — but on the whole, you’d be saving money even with the post-pandemic price rises (gondola ride, anyone?). It could get even cheaper. Marcus Ashworth says the risk of Russian gas and oil being shut off suddenly, plunging Europe into a recession, is too unpredictable to bet on [a rebound for the currency anytime soon](. We’re comparing prices to 2019, but what about 1985 — [when Americans were flocking to Europe in record-breaking numbers]( to make the most of the strong dollar, a la that boomer classic “[National Lampoon’s European Vacation](”? While the euro wasn’t introduced to the world until 1999, sterling is actually cheaper today than it was back then. On the other hand, the strong US dollar is making a visit to America pretty expensive for everyone else. What’s more, tourists — and American vacationers returning home — also have to pay for a Covid test just to enter the country. That might make sense if the US was considering enforcing stricter Covid rules again, says Tyler Cowen, but for now, keeping a few infectious people out of the country while the virus is spreading freely anyway [won’t really make a difference](. It might also be putting off Americans from making the most of the cheap euro. Meanwhile, the widespread cost-of-living crisis is [finally starting to crack British shoppers](. Consumer confidence slumped to a level last seen in 2008. Yet the Brits sure aren’t letting anything get in the way of their getaways. Andrea Felsted notes that international travel had its best month since before Covid in April, and holiday spending on luggage and bikinis is up. That may have an impact on other parts of the economy, however. Not sure whether you should take the time off work in the first place? You’re not alone. [More than half of Americans leave vacation time on the table]( — on average, 33% of their allowance goes unused — and many feel like their bosses send mixed signals about taking time off. That may be why Goldman Sachs just unveiled a new vacation policy: Managing directors and partners now get unlimited time off, but — more important — all employees must take at least 15 days off per year, five of which must be consecutive. Sarah Green Carmichael calls it [Wall Street’s best vacation policy](. Coming from the US, which mandates ZERO paid days off, it’s almost revolutionary. Taking vacation is associated not only with lower levels of stress but also with higher levels of performance. Taking a full week is associated with a measurable increase in well-being, while just extending the weekend by a day or so doesn’t quite have the same effect, so being required to take a week off is a great idea. It’ll also force managers to do something they should have been doing this whole time: modeling the behavior themselves. This way, everyone ought to feel free to take the vacation they wish. Convinced enough to book that trip to Europe yet? More Vacation Reading [Boeing’s troubles keep getting worse and worse](, says Brooke Sutherland. [Japan is testing a return to tourism](. It’s about time. Gearoid Reidy called for its [borders to reopen back in April](. More Data From Bloomberg Opinion [Stop giving Elon Musk attention](, cries Mark Gongloff. [Does the arc of history bend toward justice?]( Niall Ferguson takes us back to the 1970s to answer that question. Paul J. Davies says the [City of London is just fine without a regulatory reboot](. Notes: To contact the author of this newsletter, email Lara Williams at lwilliams218@bloomberg.net. This is the Theme of the Week edition of Bloomberg Opinion Today, a digest of our top commentary published every Sunday. 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