Exports of goods from a currency area to countries outside that area. The ECB monitors these exports on an ongoing basis, also with regard to the geographical breakdown. This is because foreign demand determines – sometimes very strongly – the exchange rate of the euro. – See external balance, foreign trade statistics, capital goods, oil price shocks, two-pillar principle. – Cf. ECB Monthly Bulletin of October 2004, pp. 43 et seq. (with overviews), ECB Monthly Bulletin of November 2011, pp. 60 et seq. (foreign demand since 1999; changes in the geographical distribution of exports; overviews).
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