Euro Factor in the External Trade of the Eurozone Countries


A. Polivach, Primakov Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya St., Moscow, 117997, Russian Federation (


The author investigates the influence of the single European currency on the external trade performance of particular members of the Eurozone. It is analyzed on the basis of IMF’s statistics on real effective exchange rates of the Euro for every Eurozone’s member and their external trade dynamics in the periods before and after introduction of the Euro. The author points out that, even though with the national governments lost an ability to pursue own exchange rate policy, they still implement independent financial, economic and labor policies. The discrepancies in these policies determine the value of the Euro’s real effective exchange rate calculation for particular members. Respectively, the modern days’ external trade competitiveness of a particular member state is predicated upon the effectiveness of the above-mentioned policies and their succession with the pre-Euro era policies. The author concludes that widespread idea that Germany is the only beneficiary from the Euro’s introduction while other Eurozone members are the losers is ill-based. Also, while researching statistical data for this article it was discovered that the figures of mutual trade between the Eurozone member states are not quite compatible despite the fact that there are no trade barriers and that the customs statistics methodology has been harmonized inside the Eurozone. According to available statistics, in many cases the exports from one member state substantially exceeded respective imports of another member. According to statistical methodology the situation should look vice versa due to exports’ valuation in fob prices and imports’ – in cif ones that normally exceed them. This circumstance makes extremely difficult a persuasive statistical verification of any hypothesis about influence of the Euro on the external trade of the Eurozone members.


Eurozone, external trade, Euro, real effective exchange rate, export, import, Germany


Registered in system SCIENCE INDEX

For citation:
Polivach A. Euro Factor in the External Trade of the Eurozone Countries. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2015, vol. 59, No 12, pp. 72-79

Comments (0)

No comments

Add comment

Current Issue
2021, vol. 65, No. 1
Topical Themes of the Issue:
  • Globalization and Nation-State: Yesterday, Today, Tomorrow
  • Global Value Chains (GVCS) and COVID 19 Pandemic
  • Middle East Conflicts Today: Between Religion and Geopolitics
  • Beijing’s Pain Points – 2 (Glance from Mid 2020)
  • Social Sciences and Global Turbulence: Rebooting the Mainstream
View This Issue (2021, vol. 65, No. 1)
Submit an Article

Dear readers!
Please note that free access to full-text issues of the Journal is being opened at our WEB-site after 6 months of the date of publications.The work on deepening the open archive of full-text issues will be continued.

Dear colleagues, authors and readers!
We kindly request you to turn to editor-in-chief and executive secretary directly concerning reviewing scientific publications in our journal. Only editor-in-chief takes decision on order and publication the reviews!

Dear readers!
This is to inform the researchers of the Institute of World Economy and International Relations that electronic versions of the I, II, III issues of 2020 of French magazine Politique étrangère are now available. Those who are interested, please personally address to the editorial staff of MEMO Journal (room 18-17) with an electronic media.

In response to the challenges of our time the Editorial board continues to open new thematic rubrics:

“World Energy Sector after Pandemic”. We plan to publish articles presenting in-depth analysis of influence of Pandemic on the global energy sector and forecasts of further developments in its various branches.

“Civilization processes of modern development” is a new rubric opened by MEMO Journal in 2020. It will be devoted to the analysis of the influence of civilizational factors and inter-civilizational interactions on the political and socio-economic development of the world at whole, regions and countries.

“Africa today and tomorrow”The rubric devoted to contemporary issues of Africa which is attracting growing interest of the world's leading actors. We plan to publish the articles analyzing the status of statehood, socio-economic and political development of the countries of Black continent, as well as the integration processes between them.


"World Eсonomy and International Relations" announces a contest for the best joint academic publications of domestic and foreign researchers and experts in topical issues of the world economy and international relations. The winners will be selected according to the results of peer reviewing and discussion at the Editorial Board. The articles will be published in priority order.


The print version of “World Economy and International Relations” journal is distributed by advance subscription only, and is not offered for retail sale. To subscribe please address to any post office in Russia by referring to the Federal Postal Service Union Catalogue, section “ARSMI”, the journal index is 70542. The subscription may be made for the whole subscription period or starting from any nearest available month for desired number of issues.

To purchase the full-text electronic version of the journal’s issue/article please address to the WEB portal of Scientific electronic library or URL:

In journal
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |

The author’s opinions may not coincide with the position of editorial