Press release concerning the second research seminar

In today´s second research seminar of the Bank of Slovenia, an economist of the research department of the central bank of Austria, Mr. Balász Égert, presented the results of his research entitled »Equilibrium exchange rates in the new Member States of the European Union«. Therein, the author analyses various causes of a trend appreciation of the real exchange rates in transitional countries from the beginning of transition until the entry of the new Member States into the European Union. Special attention is paid to the movement of relative prices in the new Member States. The analysis also makes it possible to determine the operational framework of monetary and exchange rate policies upon entry into the ERM2 mechanism of exchange rates and in the period until the adoption of the euro.