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Euro area exchange rate-based competitiveness indicators: a comparison of methodologies and empirical results

Real effective exchange rates (REERs) are often used as measures of international price and cost competitiveness. They capture broad macroeconomic developments in the exchange rate and prices or costs and provide a comprehensive assessment of the international pressures on domestic firms over the medium term in respect of costs or prices. However, REERs do not include any firm-level data nor do they explicitly reveal factors relating to non-price competitiveness (such as product quality and reputation). The high relevance of the real effective exchange rate as a measure of competitiveness is also reflected by its inclusion in the scoreboard of the EU Macroeconomic Imbalance Procedure adopted in December 2011 (see European Commission, 2012).