Monthly Bulletin July 2009 - Banque de France

EURO AREA
STATISTICS
General notes
all institutional sectors of the importers except
households, governments and non-profit
institutions. It reflects the cost, insurance and
freight (c.i.f.) price excluding import duties
and taxes, and refers to the actual transactions
in euro recorded at the point when ownership
of the goods is being transferred. The industrial
producer export prices cover all industrial
products exported directly by euro area
producers to the extra-euro area market under
sections B to E of NACE Revision 2. Exports
from wholesalers and re-exports are not covered.
The indices reflect the free on board (f.o.b.) price
expressed in euro and calculated at the euro area
frontiers, including any indirect taxes except
VAT and other deductible taxes. Industrial import
prices and industrial producer export prices are
available by Main Industrial Groupings (MIGs)
as defined by Commission Regulation (EC)
No 656/2007 of 14 June 2007. For more details,
refer to Box 11 in the December 2008 issue of
the Monthly Bulletin.
EXCHANGE RATES
Section 8.1 shows nominal and real effective
exchange rate (EER) indices for the euro,
calculated by the ECB on the basis of weighted
averages of bilateral exchange rates of the
euro against the currencies of the euro area’s
trading partners. A positive change denotes an
appreciation of the euro. Weights are based on
trade in manufactured goods with the trading
partners in the periods 1995-1997 and 1999-
2001, and are calculated to account for thirdmarket
effects. The EER indices result from the
linking at the beginning of 1999 of the indices
based on 1995-1997 weights to those based
on 1999-2001 weights. The EER-21 group of
trading partners is composed of the 11 noneuro
area EU Member States plus Australia,
Canada, China, Hong Kong, Japan, Norway,
Singapore, South Korea, Switzerland and the
United States. The EER-41 group includes the
EER-21 and the following countries: Algeria,
Argentina, Brazil, Chile, Croatia, Iceland,
India, Indonesia, Israel, Malaysia, Mexico,
Morocco, New Zealand, the Philippines,
Russia, South Africa, Taiwan, Thailand, Turkey
and Venezuela. Real EERs are calculated using
consumer price indices, producer price indices,
gross domestic product deflators, unit labour
costs in manufacturing and unit labour costs in
the total economy.
For more detailed information on the
calculation of the EERs, see Box 8 entitled “The
effective exchange rates of the euro following
the recent euro area and EU enlargements”
in the March 2007 issue of the Monthly
Bulletin and the ECB’s Occasional Paper No 2
(“The effective exchange rates of the euro”
by Luca Buldorini, Stelios Makrydakis and
Christian Thimann, February 2002), which can
be downloaded from the ECB’s website.
The bilateral rates shown in Section 8.2 are
monthly averages of those published daily as
reference rates for these currencies. The reference
rate of the Indian rupee vis-à-vis the euro has
been inserted for the first time in column 26.
However data prior to 1 January 2009 are to be
considered as indicative rates
DEVELOPMENTS OUTSIDE THE EURO AREA
Statistics on other EU Member States (Section 9.1)
follow the same principles as those for data relating
to the euro area. The data for the United States and
Japan contained in Section 9.2 are obtained from
national sources.
ECB
Monthly Bulletin
July 2009S 93