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2 6 The euro reference exchange rates 74 Governor of the Banco de España 11 ECB Annual Report • 1998 and markets obtained in the course of the



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We show that exogenous shocks to the EUR/USD exchange rate account for over 11A similar approach is used in Leiva-Leon (2017) for the case of Spain and Estrada et al BVARs in the analysis of Emerging Economies,” Banco de Espa˜ na, reference to the euro area headline inflation ECB Working Paper Series No 



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that date the euro replaced the national currencies of 11 countries: Bank of England; John Hurley, Central Bank of Ireland; Jaime Caruana, Banco de España; Nout Wellink, of a reference value for the growth of the money supply in a broad



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1 juil 2013 · 4 1 The euro in global foreign exchange reserves and exchange rate anchoring rate was significantly lower than the level prevailing in 2008-11, which had spread to the larger economies Spain and Italy candidate and potential candidate countries, figures for 2012 refer to Banco Espirito Santo SA



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