2  BIS Review 99/2007  When interpreting relative ULC developments from a competitiveness perspective, we should keep in mind that they are also other key indicators of competitiveness. For example, Eurosystem staff have recently developed what we call Harmonised Competitiveness Indictors.
These indicators, which are based on consumer price indices, are calculated on the basis of weighted averages of the bilateral exchange rates of each euro area country visà-vis the currencies of its trading partners.