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The ECB’s enhanced effective exchange rate measures

Author

Listed:
  • Fidora, Michael
  • Schmitz, Martin

Abstract

This box introduces the ECB’s enhanced effective exchange rates (EERs) and harmonised competitiveness indicators (HCIs). It presents the new methodology for calculating the underlying weighting scheme, which is based not solely on trade in manufactured goods but now also on trade in services. The inclusion of services trade reflects its growing importance in the light of globalisation and digitalisation and has become possible thanks to increased availability of data. JEL Classification: F10, F30, F31, F40

Suggested Citation

  • Fidora, Michael & Schmitz, Martin, 2020. "The ECB’s enhanced effective exchange rate measures," Economic Bulletin Boxes, European Central Bank, vol. 6.
    • Handle: RePEc:ecb:ecbbox:2020:0006:2
    Note: 491968
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2020/html/ecb.ebbox202006_02~01e3d45273.en.html
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    Citations

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    Cited by:

    1. Ursula Glauninger & Thomas Url & Klaus Vondra, 2022. "Exchange rate index update for Austria shows lower effective appreciation than previously measured," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/21, pages 13-41.

    More about this item

    Keywords

    competitiveness; Effective exchange rates;

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F30 - International Economics - - International Finance - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

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