We assess the evolution of real exchange rate misalignments within the euro area from a Fundamental Equilibrium Exchange Rate (FEER) approach. We test the robustness of the results by comparing three different estimations of the output gap. Whatever the output gap assumption, Southern countries...

Multilateral trade liberalization has made little progress over the last period, but preferential agreements have multiplied. Recent economic literature helps to understand the current negotiation game. New economic and political conditions, in particular the gaining influence of emerging...