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Sectoral specialisation in the EU: a macroeconomic perspective

Author

Listed:
  • Orlandi, Fabrice
  • Barontini, Christian
  • Cassidy, Mark
  • Trento, Sandro
  • Walch, Erik
  • Buitenkamp, Bouke
  • Wagner, Karin
  • Reis, Hugo
  • Herrala, Risto
  • Sethi, Faisel
  • Gordo Mora, Esther
  • Bardakas, Ioanna
  • Madaschi, Christophe
  • Ernst, Ekkehard
  • Santos Rivera, Alvaro
  • Döpke, Jörg
  • Labhard, Vincent
  • van Riet, Ad
  • Robert, Benoît
  • Backinezos, Constantina
  • Gustavsson, Kurt

Abstract

This paper analyses trends in sectoral specialisation in the EU and concludes the following: 1) The European production structure appears more homogenous than that of the US. 2) While sectoral specialisation has shown a slight increase in some smaller euro area countries towards the end-1990s, it is too early to detect any potential impact of EMU. 3) Despite some changes in sectoral composition, the business cycles of euro area countries became more synchronised over the 1990s, which may be seen as reassuring from the point of view of the single monetary policy. 4) Sectoral re-allocation accounts for as much as 50% of the increase in labour productivity growth in business sector services in the euro area. 5) The slowdown of European labour productivity growth relative to the US since the mid-1990s is explained by a stronger performance in the US wholesale and retail trade, financial intermediation and high-tech manufacturing sectors. JEL Classification: E32, E22, E23, E24

Suggested Citation

  • Orlandi, Fabrice & Barontini, Christian & Cassidy, Mark & Trento, Sandro & Walch, Erik & Buitenkamp, Bouke & Wagner, Karin & Reis, Hugo & Herrala, Risto & Sethi, Faisel & Gordo Mora, Esther & Bardakas, 2004. "Sectoral specialisation in the EU: a macroeconomic perspective," Occasional Paper Series 19, European Central Bank.
    • Handle: RePEc:ecb:ecbops:200419
    Note: 431994
    as

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    File URL: https://www.ecb.europa.eu//pub/pdf/scpops/ecbocp19.pdf
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    References listed on IDEAS

    as
    1. Thimann, Christian & Mazzaferro, Francesco & Mehl, Arnaud & Sturm, Michael & Winkler, Adalbert, 2002. "Economic relations with regions neighbouring the euro area in the "euro time zone"," Occasional Paper Series 7, European Central Bank.
    2. Francesco Mazzaferro & Arnaud Mehl & Michael Sturm & Christian Thimann & Adalbert Winkler, 2002. "Economic relations with regions neighbouring the euro area in the ‘euro time zone," Occasional Paper Series 07, European Central Bank.
    3. Monfort, Alain & Vitale, Giovanni & Rüffer, Rasmus & Renne, Jean-Paul, 2003. "Is Economic Activity in the G7 Synchronized? Common Shocks versus Spillover Effects," CEPR Discussion Papers 4119, C.E.P.R. Discussion Papers.
    4. Daniela Russo & Terry L. Hart & Andreas Schönenberger, 2002. "The evolution of clearing and central counterparty services for exchange-traded derivatives in the United States and Europe - a comparison," Occasional Paper Series 05, European Central Bank.
    5. Russo, Daniela & Hart, Terry L. & Schönenberger, Andreas, 2002. "The evolution of clearing and central counterparty services for exchange-traded derivatives in the United States and Europe: a comparison," Occasional Paper Series 5, European Central Bank.
    6. Handler, Heinz, 2003. "Structural reforms in the candidate countries and the European Union," MPRA Paper 44957, University Library of Munich, Germany.
    7. Brand, Claus & Gerdesmeier, Dieter & Roffia, Barbara, 2002. "Estimating the trend of M3 income velocity underlying the reference value for monetary growth," Occasional Paper Series 3, European Central Bank.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Bachmann Ronald & Burda Michael C., 2010. "Sectoral Transformation, Turbulence and Labor Market Dynamics in Germany," German Economic Review, De Gruyter, vol. 11(1), pages 37-59, February.
    2. Du, Julan & He, Qing & Zhang, Ce, 2022. "Risk sharing and industrial specialization in China," Journal of Comparative Economics, Elsevier, vol. 50(2), pages 599-626.
    3. Ronald Bachmann & Michael C. Burda, 2010. "Sectoral Transformation, Turbulence and Labor Market Dynamics in Germany," German Economic Review, Verein für Socialpolitik, vol. 11(1), pages 37-59, February.

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    More about this item

    Keywords

    euro area; labour productivity; productivity growth; sectoral specialisation;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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