Benoît Cœuré: exchange rate pass-through has fallen for eurozone

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Benoît Cœuré

The recent appreciation of the euro may “have less of an impact on growth than, for example, after the great financial crisis”, Benoît Cœuré said in a speech in Frankfurt today (September 11). He also argued that short-term interest rates were not the appropriate way of modelling the IS curve in the eurozone.

“Since the beginning of April, the euro has appreciated by around 13% against the US dollar and 7% in nominal effective terms,” said Cœuré, a member of the European Central Bank’s executi

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