9 European Commission (1980), “Reflections on the Common Agricultural Policy” , Bulletin of the European  Communities, Supplement 6/80. 10 Greece was one of the original signatories of the Maastricht Treaty but only joined the euro area in 2001. 11 See, for example, Campa, J.M and Goldberg, L.S.
(2002), “Exchange Rate Pass-Through into Import Prices: A  Macro or Micro Phenomenon?”, NBER Working Paper, No. 8934. 12 Euro area plus Australia, Canada, Denmark, Japan, Sweden, United Kingdom and United States. 13 Carril-Caccia, F. and Pavlova, E. (2018), “Foreign direct investment and its drivers: a global and EU perspective”,  Economic Bulletin, Issue 4, ECB. 14 Percentage increase of five-year centred average.