The article looks at how changes in exchange rates affect consumer prices in 12 Euro Area countries. By analyzing data, the researchers found that the impact of exchange rate changes on prices varies widely across countries. For example, in Portugal, prices go up by 84% when the exchange rate drops by 1%, while in Germany, the increase is only around 0.20%. The study also shows that consumer prices in these countries adjust slowly to reach a long-term balance after exchange rate changes, which explains why the effects are not immediate.