Sectoral specialisation in the EU a macroeconomic perspective

Bericht

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ECB Occasional Paper ; No. 19

Classification and Topics

• Classification: Wirtschaft
• Subject: Arbeitsteilung ; Wirtschaftsstruktur ; Konjunktur ; Konjunktur ; Geldpolitik ; EU-Staaten

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): van Riet, Ad ; Ernst, Ekkehard ; Madaschi, Christophe ; Orlandi, Fabrice ; Rivera, Alvaro Santos ; Robert, Benoît ; Döpke, Jörg ; Backinezos, Constantina ; Bardakas, Ioanna ; Mora, Esther Gordo ; Barontini, Christian ; Cassidy, Mark ; Trento, Sandro ; Walch, Erik ; Buitenkamp, Bouke ; Wagner, Karin ; Reis, Hugo ; Herrala, Risto ; Sethi, Faisel ; Gustavsson, Kurt ; Labhard, Vincent
• Event: Veröffentlichung
• (who): European Central Bank (ECB)
• (where): Frankfurt a. M.
• (when): 2004

Further information

• Handle: http://hdl.handle.net/10419/154472
• Last update: 10.03.2025, 11:45 AM CET