The Author: Jörg Rahn studied mathematics and economics at the University of Hamburg and for one year at the Rhodes University in Grahamstown (South Africa). From 2000 to 2004 he worked as research assistant at the Institute of Quantitative Macroeconomics at the University of Hamburg. During this time he published papers on the efficiency of the East German economy and the exchange rate of the Chinese renminbi. Currently he is working for the German Council of Economic Experts (Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung).

• Contents: Developments of exchange rates and exchange rate regimes in ten Central and Eastern European Countries – Concepts to calculate equilibrium exchange rates – Appliance of three methods based on time series as well as panel estimation techniques: BEER, PEER and PPP – Determination of misalignments in real effective terms as well as in nominal terms against the euro.