International currency status lowers exchange rate pass-through Exchange rate pass-through to import prices vs. euro invoicing across euro area countries Source: The international role of the euro, ECB, July 2015.
Notes: Long-run exchange rate pass-through is estimated using a standard log-linear regression model of the quarterly log change in import price unit values on the quarterly changes of the standard broad measure of the NEER-38 of the euro, a quarterly effective measure of inflation in production costs of the euro area’s major trading partners and the quarterly log change in industrial production (excluding construction).