ABSTRACT. Campa and González Mínguez focus on the pass-through of exchange rate changes into the prices of imports made by euro area countries originating outside the area. Nautza and Offermanns argue that while forecast accuracy tests confirm the usefulness of synthetic European data for Euro exchange rate analysis. As Bucha et al. put it, standard neoclassical models of economic integration are based on the assumptions that capital and labor are substitutes and that the geography of factor market integration does not matter.