Fratzscher, Marcel - 2004
1999 - 2003 76 1 9 61 3 15 1 51 15
USA Germany / euro area Japan
13
ECB
Working Paper Series No. 363
May 2004
strong … of an economic recovery in the U.S." The US dollar depreciated by
0.9% against the mark and by 1.5% against the yen on …