Real effective exchange rate - euro area trading partners

The real effective exchange rate (REER) – euro area trading partners – aims at assessing a country (or currency area's) price or cost competitiveness relative to its trading partners in the euro area. Changes in cost and price competitiveness depend not only on exchange rate movements but also on cost and price trends. The specific REER for the Macroeconomic Imbalance Procedure is deflated by the consumer price index (total economy) against the euro area trading partners (20 trading partners, euro area since 2023). Double export weights are used to calculate REERs, reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere. A rise in the index means a loss of competitiveness. The data are presented as 3-year % change, 1-year % change and Index, 2015=100. Data source: Directorate General for Economic and Financial Affairs (DG ECFIN).