New Eurocoin (€-coin) is a new real time indicator of the euro area economy. It replaces the old Eurocoin index, which has been published on a monthly basis by CEPR and the Bank of Italy since 2002. €-coin is an updated estimate of GDP growth free from measurement errors, seasonal and other short-run fluctuations. €-coin is constructed by extracting, from a large set of data on the euro area (that includes the indexes mentioned above), the information that is most relevant to forecast the future GDP. It gives an early estimate of Euro area growth performance in terms of quarter-on-quarter changes in GDP. As a result, the index sheds light on the underlying trend in GDP, because it removes short-run fluctuations and measurement errors. In this respect, €-coin is not only a forecast, but also a clearer indicator of the true growth momentum in the Euro area, which is particularly useful for the euro area economic policy decisions.

Fig.1. €-coin indicator

Source: CEPR official web-site


Editor: Bianca GIANNINI
© 2011 ASSONEB

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