. Additionally, for all individual euro area countries, harmonised competitiveness indicators (HCIs) are published by the European … Central Bank (ECB) based on the same methodology as the euro EERs. This paper describes how the calculation of the ECB's EERs …. Importantly, the ECB's wellestablished methodology - which in particular accounts for competition faced by euro area exporters in …

find, in contrast to what is generally expected, no convergence in these variables after the introduction of the euro. On …