Noland, Marcus - 2004 - [Elektronische Ressource]
in lowering interest rates, and, most telling, if the real trade-
weighted exchange rate of the euro had not appreciated …-weighted
exchange rate. The euro area (with a weight of over 18 percent) has a small current-account surplus
13
(projected at less … the past decade. Real domestic demand is projected to increase by
only 1 percent in 2004. The euro has appreciated in …