Sectoral Specialisation in the EU: A Macroeconomic Perspective

62 Pages Posted: 23 Aug 2005

See all articles by Ad van Riet

Ad van Riet

United Nations University - Institute on Comparative Regional Integration Studies (UNU-CRIS)

Ekkehard Ernst

International Labour Organization (ILO)

Christophe Madaschi

European Central Bank (ECB) - Directorate General Economics

Fabrice Orlandi

European Central Bank (ECB)

Alvaro Santos Rivera

European Central Bank (ECB)

Benoît Robert

Banque Nationale de Belgique

Jörg Döpke

Deutsche Bundesbank

Constantina Backinezos

Bank of Greece

Ioanna Bardakas

Bank of Greece

Esther Gordo Mora

Banco de España

Christian Barontini

Banque de France

Mark Cassidy

Central Bank of Ireland

Sandro Trento

Bank of Italy

Erik Walch

Banque Centrale du Luxembourg

Bouke Buitenkamp

de Nederlands Bank

Karin Wagner

Oesterreichische Nationalbank

Hugo Reis

Banco de Portugal

Risto Herrala

European Central Bank (ECB) - Directorate General International and European Relations

Faisel Sethi

Danmarks Nationalbank

Kurt Gustavsson

Sveriges Riksbank

Vincent Labhard

European Central Bank (ECB) - Directorate General Economics

Date Written: July 2004

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.

Suggested Citation

van Riet, Ad and Ernst, Ekkehard and Madaschi, Christophe and Orlandi, Fabrice and Santos Rivera, Alvaro and Robert, Benoît and Döpke, Jörg and Backinezos, Constantina and Bardakas, Ioanna and Gordo Mora, Esther and Barontini, Christian and Cassidy, Mark and Trento, Sandro and Walch, Erik and Buitenkamp, Bouke and Wagner, Karin and Reis, Hugo and Herrala, Risto and Sethi, Faisel and Gustavsson, Kurt and Labhard, Vincent, Sectoral Specialisation in the EU: A Macroeconomic Perspective (July 2004). ECB Occasional Paper No. 19, Available at SSRN: https://ssrn.com/abstract=752068

Ad Van Riet (Contact Author)

United Nations University - Institute on Comparative Regional Integration Studies (UNU-CRIS) ( email )

Brugge
Belgium

Ekkehard Ernst

International Labour Organization (ILO) ( email )

Route des Morillons 4
Geneva, 1211
Switzerland
+41 22 799 77 91 (Phone)

Christophe Madaschi

European Central Bank (ECB) - Directorate General Economics ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Fabrice Orlandi

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
+49 69 1344 7222 (Phone)
+49 69 1344 6353 (Fax)

Alvaro Santos Rivera

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Benoît Robert

Banque Nationale de Belgique ( email )

Jörg Döpke

Deutsche Bundesbank ( email )

Wilhelm-Epstein-Str. 14
Frankfurt/Main, 60431
Germany
+49-069-9566-3051 (Phone)

Constantina Backinezos

Bank of Greece ( email )

21 E. Venizelos Avenue
GR-10250 Athens
Greece

Ioanna Bardakas

Bank of Greece ( email )

21 E. Venizelos Avenue
GR-10250 Athens
Greece

Esther Gordo Mora

Banco de España ( email )

Madrid 28014
Spain

Christian Barontini

Banque de France ( email )

Paris
France

Mark Cassidy

Central Bank of Ireland ( email )

P.O. 559 Dame Street
Dublin 2, D2
Ireland

Sandro Trento

Bank of Italy

Via Nazionale 91
Research Department
00184 Roma
Italy

Erik Walch

Banque Centrale du Luxembourg ( email )

2, boulevard Royal
L-2983 Luxembourg
Luxembourg

Bouke Buitenkamp

de Nederlands Bank ( email )

PO Box 98
1000 AB Amsterdam
Amsterdam, 1000 AB
Netherlands

Karin Wagner

Oesterreichische Nationalbank ( email )

Otto-Wagner Platz 3
POB 61
Vienna 1011
Austria

Hugo Reis

Banco de Portugal ( email )

148, Rua do Comercio
Lisbon, P - 1101
Portugal

Risto Herrala

European Central Bank (ECB) - Directorate General International and European Relations ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Faisel Sethi

Danmarks Nationalbank

Havnegade 5
Copenhagen, DK-1093
Denmark

Kurt Gustavsson

Sveriges Riksbank

Brunkebergstorg 11
37 Stockholm
Sweden

Vincent Labhard

European Central Bank (ECB) - Directorate General Economics ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

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