In 2004, the CEPII conducted a simultaneous estimation of 15 equilibrium real effective exchange rates for the main G20 countries (euro area countries have one rate). The estimation allowed a series of equilibrium exchange rates to be calculated on the dollar, and to discuss how effective adjustment against the dollar should be distributed across the currencies of the G20. This work led to a number of publications.

Further research in this field is being carried out in 2005, looking at new issues: strengthening the robustness of the estimations, analysing the dynamics of a return to equilibrium by the real exchange rate, improving country estimations by using quarterly data, comparing the results with a model taking into account real measures of productivity.