But the fact that exchange rate pass-through to import prices is far below unity, and appears to have declined as countries have pursued  4  A paper by Vigfusson, Sheets, and Gagnon (forthcoming) is an exception, because it focuses on exchange rate pass-through to export prices. 5  The import price index measure used is for goods excluding oil, computers, and semi-conductors.
Once again, I would say, as we have faced many tests over the last ten years: the bursting of the internet bubble, the Asian crisis, the raw materials and oil price shock... In ten years, the euro has been a key factor in achieving the Single European Market and has provided a shield against international turmoil.