{"id":84109,"date":"2024-01-22T08:53:23","date_gmt":"2024-01-22T07:53:23","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/84109\/"},"modified":"2026-02-17T15:58:35","modified_gmt":"2026-02-17T14:58:35","slug":"exchange-rate-regime-and-economic-activity-in-the-eu","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/84109\/","title":{"rendered":"Exchange Rate Regime and Economic Activity in the EU"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-84109","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Since the collapse of the Exchange Rate Mechanism of the European Monetary System in 1992-1993 the monetary setting for trade and investment has changed fundamentally. After six years of stable exchange rates the EU split into a hard-currency block under the \"leadership\" of the German Bundesbank and the soft-currency countries. Over the period from 1992 to 1995 the real effective exchange rate in Germany, France, the Netherlands, Belgium, Denmark, and Austria rose by an average of 3 percent annually, while the exchange rate in the remaining EU countries fell by 6 percent annually in real terms. At the same time economies whose currencies had lost in value managed to expand real exports 9 percent per year, whereas in hard-currency countries real exports attained a growth rate of only 3 percent. As unit labor costs in the soft-currency countries have not risen faster than in the hard-currency block, the exchange rate fluctuations recorded since 1992 should continue to influence Europe's real economic development in the near future.","onlinedate":"1996-05-01 02:00:00","lang":"English","publication_series":"","publication_date":"19960501","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Exchange Rate Regime and Economic Activity in the EU\"]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"https:\/\/www.wifo.ac.at\/wwa\/pubid\/312","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"1","monthly_report_pages":"85-95","monthly_report_pages_sort":"85","issue":"2","journal":"Austrian Economic Quarterly","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[183747],"research_groups":[3491],"collaboration":"","persons":[3841],"persons_data":"[{\"personId\":3841,\"personName\":\"Stephan Schulmeister\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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