- Notes: The figure shows histograms of log prices for each country relative to Spain (when expressed in a common currency). An x-axis value of 0 means prices are identical whereas a value of 0.10 means the price is about 10% higher in the listed country than in Spain. The y-axis measures the density. In addition to Spain, the members of the euro zone include Austria, Germany, Finland, France, Ireland, Italy, Netherlands, and Portugal. Denmark has its own currency which is pegged to the euro. Sweden is in the European Union, but not in the euro zone. Norway and USA are outside of the European Union. Approximately 100,000 goods are included from four multinational companies in three distinct industries.