EU External Competitiveness: recent developments
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- Naomi Davis
- 5 years ago
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Transcription
1 EU External Competitiveness: recent developments ˆ ˆ ƒ ƒž Ž ƒ ƒ ƒžˆ ƒ ŽƒŠ ƒ Šƒ Ž Ž Ž ƒ ± ƒ Ž ƒ ˆ Ž ƒ Š ƒ Š ˆ Š ƒ ƒ ˆ ƒ Š ˆ Š ƒ Š š Š ƒ Š ˆ Š Ž ƒ ƒ ƒ ˆˆ ƒž ˆ Š
2 d
3 ˆ ƒ ƒž ƒ Šƒ ŽŽ ŽŽ ƒ Š Š ƒ ˆ ˆ ƒ ƒ Š Ž ƒ Š ƒ ƒ ƒ ƒž ƒ Š ƒ ƒ ƒ ƒ Š Š Šƒ ƒ Š Š ƒ ƒ ƒ ƒ ƒ ƒ Ž ƒ ƒ ƒ Š ƒ Ž ƒ ˆ Š ƒ Š Š Ž Š ƒ ƒ Žƒ ƒ ƒ ƒ ƒ ƒž ƒ Š Š ƒ ƒ ƒ Ž ƒ ± ŽƒŠ ƒ Šƒ Ž Ž ƒ Ž ƒ ˆ Ž ƒ Š Š ƒ ˆ ƒ ƒž ƒ ƒ ò ƒ d
4 š ƒ ƒ ƒ Š ƒ ˆ ƒ ƒ ƒ š ƒž ƒ Š Ž Š ˆ Š š Žƒ ƒ ˆ Š ƒ Š ˆ ƒ ƒ Š ˆƒ Šƒ Š Šƒ ƒ ƒ š Ž ƒ ƒ ƒ ƒž ƒ ƒ Ž š Š Ž ƒž ƒ Šƒ Šƒ š Ž Š ˆ ƒ ƒ ƒ ƒ ƒ ƒ Ž Ž ƒ ƒ š ŽŽ Žƒ ƒ ƒž ƒ Š ˆ Š Š ƒ ƒ ƒ ƒ ˆ Ž Š ƒ ƒž ˆŽ ƒžƒž Šƒ ƒ ƒžž ƒ ˆ Š ƒ ƒ ƒ ˆ ƒ Ž ˆˆ ˆ Š Š Š Ž š Šƒ Š Šƒ Š Šƒ ˆ ƒ Š Š Šƒ Š Šƒ Ž ƒ ˆ ƒ Ž ŽŽ ƒ Š Š ƒ ƒ ƒžž ƒ Žƒ Š Šƒ ˆ Ž ƒ ˆ Š Ž Š Š ˆ š Šƒ Ž Šƒ Š Š ˆ Ž ƒž ƒ ˆ ƒ Ž Šƒ ƒ ƒžž Š Š Ž ƒž ƒ Š Ž ƒ Š ƒ Šƒ ƒ ŽŽ ƒ Ž Ž Š ƒ Ž ˆ Ž ƒ Šƒ ƒ Š ˆ Š ˆ ƒ Žƒ ƒœ ƒ Š ƒ ƒ ƒ Šƒ Šƒ Ž ƒ ˆ Š ƒ Šƒ Š Žƒ Ž ƒ Šƒ Ž ƒ ƒ Š Žƒ ƒ ƒž Š ƒ ƒ ƒ Š ŠƒŽŽ ˆ Š ƒ ŽŽƒ Š ƒ ƒ ƒ Š Š Š Ž ƒ ƒ ƒž ƒžž Š Ž Š Ž ƒž ˆ ƒ ƒž ƒ š Šƒ ˆƒ ƒ ƒ Šƒ ƒ Šƒ Ž ƒ ƒž š ƒ ˆ ƒ ƒ Ž Š Š Š Ž ƒž Ž ƒ ˆ Š ƒ ˆƒ Š Ž ˆ Š ˆ Š ƒ ƒ Š Š Š Šƒ ƒ ƒžž ƒ ˆ ƒ ƒž Š ŠŽ Š Š Šƒ Š Š Š ƒ ƒ ˆ Š Ž ƒ ƒž Š Šƒ ƒ Šƒ ƒ Ž Š ˆ ƒž ƒ ˆ ƒž ƒ ˆ d
5 ƒ ƒ ƒ ƒ Š ƒ Ž ƒ ƒ ƒ Š ƒ ƒ ˆ Š Šƒ Š š Š Ž ƒ š ƒ ƒ Ž Ž ˆ ƒ ƒ ƒ ƒ ˆ Š š ƒžž ƒ ˆƒ Šƒ Šƒ Š ƒ ˆ Š Ž Šƒ Š ƒ ˆ Š ƒ ƒ ƒ Š ƒ Š Ž ˆ ƒ ƒ ƒž Š ƒ ƒ ƒž ˆ ƒ ƒ ˆ Š Š ƒ Ž Šƒ ƒ Ž ƒ ƒ ƒ Š ƒž ˆ Š ƒ Ž Š š ƒ Ž ˆ Š ƒ Š ƒ ƒž ƒ ƒ ˆ ƒ ƒž ƒ ˆ Š ƒž ƒ ˆ ƒ š Š Š ƒ ƒ ƒ Ž ˆ Š ƒ ƒ ƒž ƒ ˆ Š ƒ ƒž ƒ ˆ Š Šƒ ƒ š Ž ƒž ƒ ƒ ƒ Ž ˆ ƒž ƒ ˆŽ Ž ƒ Šƒ Š ƒ ƒž Š ƒœ Šƒ Š ƒ ƒ ƒ Š ƒ Š Ž š ŽŽ ˆ ƒž ƒ ƒ Š Š ˆ ƒ š ƒ ŽŽ ƒ Ž ƒ Š ƒ Š ƒž Š š ƒ Šƒ Š ˆ ƒ ƒ ˆ ƒ ƒ Š ˆ ƒž ƒ Š ƒ ƒ ˆ ƒž ƒž ƒ ƒ ƒ ˆ ƒ ˆ Ž Š Ž Ž Šƒ Ž ˆˆ ƒ ƒ ƒ š ƒ ƒž ƒž ƒ Šƒ ƒ Š š ƒ Šƒ ƒžž Žƒ Ž Šƒ ƒ ƒ ƒž Š Š Š ŽŽ Ž ƒ ƒ Š ƒž ƒ ƒ ƒ ƒ ƒ ƒ ƒ Š ˆƒ š ƒ š ƒž ˆ ƒ ƒž ƒ ƒ ˆˆ ˆ š š ˆ Š ƒ Šƒ Ž ƒ Š ƒ ƒ Ž ƒ Š ƒ ƒ ƒ ƒ ƒžž š Š Š ƒ ƒ Ž Ž Š Š Š Šƒ Š Šƒ ƒ ˆƒ ƒ Ž Ž ƒ ƒ Š ƒ ƒ ƒ Šƒ Šƒ ƒž ƒ Š Š Š ƒ Ž ƒ Ž ƒ ƒ ˆƒ ƒž ƒ Š Š ƒ ˆƒ ƒ ƒ Ž ƒ ˆ Š ƒžž Š ˆ ƒ ƒžƒ Ž ƒ d
6 Š ƒžž Šƒ ˆ Š Šƒ Š Ž ƒžˆ ƒ ƒž Šƒ ƒ ƒ ŽŽ ƒ Šƒ ˆ ƒ ƒ Š ƒ Š š Ž Š ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Š Š ƒ ˆ Š Ž Žƒ ƒ Ž ƒ ƒ ƒžƒ ƒž ŽŽ Š ƒ ƒ ƒ Š ƒ Š ƒ Ž ƒž ƒž Ž ƒ Š Š Šƒ ƒ Š ƒ Š š ƒž ƒ ˆ ƒ ˆ Š Š Š Šƒ Š ˆ ƒ ˆ Š ƒž ˆ Š Ž ƒ ˆ ƒ Š Ž Š Š Š Š ƒ ƒ ƒ ƒ ˆƒ Šƒ ššƒ ƒ ˆ Š ƒ Ž Š Š ƒ Šƒ ˆ Š ƒ ƒ ƒ ƒ ˆ ˆ ƒ Š Ž ƒ Ž ƒ š Ž ƒ Š Ž ˆ Š ƒ ƒ ˆ ƒ ƒ Ž Š ƒ ƒ Ž Šƒ Š ƒ ƒ ˆ ƒž ƒ e
7 Ž ˆ ƒ ƒ ƒž ƒ ˆ ƒ Š Š Š ƒž ƒ ƒž ƒ Š Ž ƒžž Žƒ ƒ ƒž ƒ ƒ Ž ƒž ƒž Šƒ Š ˆ ƒ Šƒ Š ˆ Ž ƒ Šƒ ˆˆ Ž ˆ š Š ƒ ƒ ƒ Š Ž ƒ ƒ ƒ Žƒ ˆ ƒ Š Š ˆ ƒ ˆ š Š ˆ Šƒ ƒ ƒž ƒ e
8 ƒ š ƒž Šƒ Š Ž Š ˆ ƒ ƒ ˆ ƒ ƒ ƒ Š š Ž ƒ Ž ƒ ƒ Ž Š Š ƒ ˆ Š Ž Š š ƒ ˆ ˆ ƒ ƒ ƒ Žƒ Ž ˆ Š ƒž ƒ Š ƒ ƒž š ƒ ƒ Ž ƒ ƒ Š ˆƒ Šƒ Š Š Ž Š Šƒ ƒ ƒ š Ž ƒ ƒ ƒ ƒž ƒ ƒ Š ƒžž š Š Ž ƒž ƒ Šƒ š Ž Š ˆ ƒ ƒ ƒ ƒ ƒ Š Š Žƒ ƒ ˆ Ž Ž ƒ Žƒ ƒ ƒ Š ˆ Š ˆ Ž ƒž ƒ Š ƒ Šƒ Š ƒ ƒž ƒ ƒ Ž ˆ ˆ ƒ ƒ ƒ ƒ ƒ Š ƒ Žƒ Šƒ ˆ Ž ƒ ƒ Š ˆ Šƒ Š Žƒ Šƒ Š Ž Š ƒ ƒ ƒ ˆ ƒ ˆ ƒ Ž ƒž Š ˆ Š Š ƒ ƒ ƒ ƒ ƒ ƒ ˆ Ž Š ƒ ƒž ˆŽ ƒžƒž Šƒ Š ƒ ƒ ƒ ˆ ƒ ƒ Š Š Ž ƒ ƒ ƒ Ž Š Ž ŠŠƒ Š ƒ ŽŽ ƒ š ƒ Š ƒ ˆ ƒ ƒ ƒ ƒ Š Šƒ ƒž š ˆ ƒ ƒ ƒ ˆ ˆ ƒ Ž Š ƒ Š š ˆ ƒ ƒ š ƒ Š šƒ ƒ Š Ž Š ƒ ƒž Š Š ƒ ƒƒ Š ƒ Š ƒ Ž ƒ ƒ ƒˆ ƒ ƒ ƒ ƒ Ž ƒ ƒ ƒ ƒ š Ž ƒ Š ƒ ˆ ƒ ƒ Š Š Ž ƒž Š Ž ƒ ƒ ƒ Š ƒ ƒ ƒ Ž d h ded ^ d W// /ZDd>^^ de d h D ^ / d de ed d de,^,^de,^de d d Z, e
9 Šˆ Š ƒž Šƒ ƒ ƒ ƒ Šƒ Š ƒ ˆ ƒž ƒ ƒžž ƒ Š ƒ ƒ ƒ Ž ƒ ƒ ƒ Š ƒ ˆ ƒ Š Ž Ž Š ˆ Šƒ ˆ Š Šƒ ƒ Šƒ Š ƒ ƒ ± ƒ ƒ Š ƒ ˆ ƒ ƒ ƒž ƒ ± ƒ Ž ƒ ƒ ƒ Š ƒ ˆ ƒž ƒ ƒž ƒ Š Š š Š Š Ž Ž ˆˆ Ž ˆ Š Š Š Ž š Šƒ Š Šƒ Š Šƒ ˆ ƒ Š Š Šƒ ƒ Š ˆ Š Š Ž š Šƒ Š Šƒ Š Šƒ ˆ ƒ Š Š Šƒ ƒ Š ˆ Š ŽŽ ƒ Šƒ Ž ƒ ƒ ˆˆ Ž Ž Š ƒžž Š Š ƒ ƒ ˆ ƒ Šƒ ƒ ƒ ƒž ƒ ƒ ƒ ƒ Š Ž Š š Šƒ Š ƒ Ž Š Ž Ž ˆ ŠƒŽŽ Š Ž ƒ Ž Šƒ Š Ž ƒ ˆ Ž ƒ Šƒ ƒ Š ƒ Š ƒ ƒ Ž ƒ Šƒ ƒ Š Ž ƒ Š ˆ Š Žƒ Šƒ ˆ Š ƒ ƒ ƒ Š Š ƒ Š Š ƒ ˆ Š Š ƒ ƒ Šƒ Ž ƒ ƒ ƒ Šƒ ŽŽ ƒ š Š ƒ ƒ ˆ ŽŽ Š Š Žƒ Ž Ž ƒ Šƒ ƒ Ž ƒž ƒ ƒ Š Š Žƒ ƒ ƒž Ž ˆ ƒ Šƒ Š Š ƒ ƒ ƒ ƒ Š ƒ ƒ Š ˆ ƒ ƒ Š Š Š Š Š Šƒ Ž Ž ˆ ƒ ƒž Š ŠŽ Šƒ Š Š Š ˆ Š ƒ ƒ Ž ƒ Šƒ ƒ Š ˆ ƒ ˆ ƒ ˆ ƒž ˆ ˆ ƒ Š Š Š Žƒ ˆ ˆ ƒ Š ƒ ˆ ŽŽ Š Ž ˆ Ž ƒ ƒ Ž Š Šƒ ƒ ƒ ƒ ˆ ˆ ƒ Šƒ Š Ž ƒ Ž ƒ Žƒ ƒ ƒ Š ƒ Š d d Z > W d d de E D ^ e
10 Š Š Šƒ ƒ Ž Š Šƒ ƒ ƒ ƒ ˆˆ ƒ ˆƒ Ž ƒž Šƒ Š ƒ ˆ ƒž ƒ ƒ Šƒ Š ƒ ˆ ƒž Šƒ Š Š Šƒ Ž Ž ƒ ƒž ƒ ƒ ƒ ˆƒ Ž ƒ Ž ƒ š Ž Š ƒ ˆƒ Š ƒ ƒž Šƒ ƒ ƒž Ž ƒ Ž Ž ƒ ƒ ƒ ƒ Š ƒ Ž Ž ƒ ƒ Š ˆ ƒ ˆ ƒ ˆ Š ˆ Š ƒ ˆƒ Š Ž Ž ƒ ƒ ƒ ƒž ƒ Š Šƒ Š ƒ ƒž ƒ ˆ Š Šƒ ƒ š Ž ƒž ƒ Šƒ ƒ ˆ ƒž ƒ š ŽŽ ˆ ƒž ƒ ƒ Š Š ˆ ƒ š ƒ ŽŽ ƒ Ž ƒ Š ƒ Š ƒž Š š ƒ Šƒ Š ˆ ƒ ƒ ˆ ƒ ƒ Š Ž Ž ƒ ƒ ƒ ƒž ƒ Š Šƒ Š ƒ ƒž ƒ ˆ Š Šƒ ƒ Š ˆ ƒž Š ƒ ƒ ˆ ƒž ƒž ƒ ƒ ƒ ˆ ƒ ˆ Ž Š Ž Ž Šƒ ƒ ƒ Ž œ Š Ž ƒ Ž ƒ Ž ˆ š ˆˆ ƒ ƒ ƒ š ƒ ƒž ƒž ƒ Šƒ Š Šƒ ˆ ƒž ƒ ˆ Š š ƒ ˆ Šƒ š ƒ ƒ Ž Š Ž ƒ ƒ Š ƒ ƒ Ž Š Š ƒ ƒ ŽŽ Šƒ ƒ Š š ƒ Š Žƒ Šƒ Šƒ Š ˆ Š ˆ Š ƒ ƒ ˆ ŽŽ Š Šƒ Š ƒ Šƒ Ž Šƒ ƒ Š Šƒ Š ƒž ƒ ˆ ƒ Š Ž Š Ž ˆ Š ƒ ƒ Š Ž ƒž ˆ ƒ š ƒ Š Ž ˆ Š ƒ ˆ ƒ Šƒ Ž Š ƒ ƒž Ž d d h h t K> d d d
11 Ž ˆ ƒ ƒ ƒ Š Š ƒ ƒ ƒž Šƒ Š ƒž ƒ ƒ ˆ Š Š ƒ ƒ Žƒ ˆ Š ƒ Ž ˆ ƒ Š œƒ ˆ Š ƒ ˆƒ Š Š Š ƒž Ž ˆ ƒ Š Žƒ ˆ Š ƒ ˆ ƒ ƒ ƒ ƒ ˆƒ Š Š Šƒ ƒ ˆ ƒ ƒ Š ƒ ƒ Š ƒž ƒ ˆ ƒ ƒ ƒ Š š ƒž ƒ Š ƒ ƒ ƒ Š ƒ Ž Šƒ Šƒ Š ˆƒ ƒ ƒ ŽŽ Žƒ ƒ ƒž Ž Ž ƒ ƒ Š Ž Š Žƒ Šƒ ˆ Š ƒ ƒ Š Šƒ ˆ ƒ ƒ Šƒ Ž ƒ Š ƒ Ž ƒ Ž Šƒ ˆ ƒ ˆ ƒž Š Šƒ ˆ ƒ ƒ Šƒ Ž ƒ Š ƒ Ž ƒ ƒ š Žƒ Š ƒ ƒ ƒ Š Ž Šƒ ƒžž ƒ ƒ ƒ ƒžž ƒ Ž ƒ ƒ ƒ ˆˆ Š ˆ Šƒ Ž ƒ Š ƒž ˆ ƒ ƒ Š Šƒ ƒ Ž ƒž ƒ ˆ ƒ ˆ ƒž ƒ ƒ Šƒ Ž ˆ ƒ ˆ Ž ˆ Š Š Ž ƒ ƒ œƒ ƒ ƒžƒ Šƒ ˆ Š Š ƒ ƒ ˆ Š Š ƒžž Š ƒ Š Š ƒ ˆˆ Ž ƒž ƒ e
12 & d, ^ h de d de d d d d e d e d d d d d d de de de de D ^ ^ Š ƒž Žƒ ƒ Š Ž Šƒ Š Ž ˆ ƒ Šƒ ƒ ƒ Š Š ƒžž ˆ ƒ Ž ƒ ƒž ˆ ƒž ƒ ƒ š ƒ Š Š Š Šƒ ƒˆˆ Š ƒ ˆ ƒ ƒ Š Š Šƒ ˆˆ Š Š Ž ƒ ŽŽƒ Š Š ˆ Š ƒ ƒ Ž ƒ ˆˆ ƒ Ž š & d Š Šƒ Š ƒ ƒ ƒ ˆ Šƒ ƒˆ ƒ ŽŽƒ ƒž Š Ž ƒ ˆ ŽŽ Ž Š Ž ƒ ŽŽƒ Š Š ˆ Š ƒ ƒ Ž ƒ ˆˆ ƒž š Š ƒ ƒž ˆ Š Ž ˆ ƒ Š ƒ ƒ ƒ ƒ ˆ ƒ ƒ Ž Ž ƒž ƒ ˆ Š ˆ ƒ ƒž ƒ Š ˆ Š ƒ ƒ Š ƒ Š Ž Š ƒ ƒ ƒ Š Ž ˆ ƒ Ž Žƒ ƒ ƒ ƒ ˆ ƒ ƒž Š ƒ Ž ƒˆ Š Š Ž Žƒ ƒ ƒ ƒ ˆ ƒ Šƒ ˆˆ Ž ƒ Šƒ ƒ ƒ Š ƒž
13 & d, ^ h d d d d d d d de dede de & / d Š ƒž Žƒ e e e e d d d d d d Ž ƒ ƒ ˆ ˆ Š ƒ ƒž ƒž ƒ ƒ Š ƒ Ž ƒˆˆ Š Š Ž ƒ Ž ƒ ƒ ƒƒ Š Ž ƒ ƒ ˆ Š Ž š ˆ œƒ ˆ ƒ ˆƒ š ƒ Š ˆ Š Š ˆƒ Šƒ ƒ Ž ƒ Š ˆ ƒ Ž Š Š ƒ š Šƒ Š Šƒ ƒ ƒ ƒ ˆ ƒ ƒ ƒžž ƒž ƒ ˆ Š Š ƒ š ƒž ƒ ˆ ƒ ˆƒ ˆ ƒ Š ƒ ƒ ƒ ˆƒ ƒžž Šƒ Š ƒˆˆ Ž ƒ ƒ ƒ Ž ƒ ƒ Ž ˆˆ Ž Š Šƒ ƒ ƒ ƒ Šƒ ˆ ŽŽ ƒ Š ƒ ƒž ƒ ˆ Š Ž Š ƒ Š Š Š ˆ Š ƒ Š Ž ƒ ƒ ˆ š ˆ Ž ƒœ Ž Š ƒ ƒ ƒ ƒ ƒ Š Ž Š Ž ƒ ˆ Š ƒ Š ˆ ƒ ƒž ƒ Š ƒ ƒ ˆ š Š Ž ƒ ƒž ˆ ƒžž ƒ ƒ ƒ Ž ˆ ƒ ƒž ƒ Ž ƒ Š Š Š Š ˆ Ž ƒ Žƒ ˆ ƒ ƒ ƒ
14 ƒ Ž Š Š ˆ Šƒ ƒž ƒ ƒ ƒ Š Šƒ ƒ Š ƒ ƒ Š ˆ ƒ ƒˆ Š ƒ ƒ Šƒ Š ƒˆˆ Š ƒž ƒ ˆ ƒ Ž ƒ ƒž ƒ ƒž ƒ ƒ Š š Š ƒ Šƒ Šƒ Š ŽŽ Š Š ƒ Šƒ Šƒ š ƒ Šƒ Š Š Šƒ Šƒ ƒ ƒ ƒ Ž Š Šƒ Ž ˆ Š ƒ ƒ ƒ Ž ƒ Š Š Š ƒ ƒ ƒ Žƒ Ž Š Š ƒ ƒœ Žƒ Š Š ƒ Ž ƒˆˆ ƒ ƒ ƒ ˆˆ Ž ƒ Šƒ ƒž Š Ž ˆ Š ƒ ƒ ƒ ƒžž Žƒ ƒ ƒ Š Š ƒ Ž ˆ ƒ ˆ ƒ ƒžž ƒ Ž ƒ ƒ ƒ ƒ ƒ ƒ ˆ ƒ ˆ ƒ Šƒ Šƒ Šƒ Š Š ˆ Šƒ ˆ Ž ƒ ƒ Šƒ Žƒ ƒ Ž Š ˆ š ƒ Šƒ ŽŽ ƒ Š Ž Š ƒ ˆ Š ƒ ƒ ˆŠ ƒž š Š Ž ƒ Ž ˆ ƒ ƒ ƒ Š ŠŽ Š Š Ž ˆ Š ƒ ƒ ƒ ˆƒ Š Šƒ Š Ž ˆ ƒ ƒ ƒ Šƒ ˆ ƒ ƒ ƒ Ž Š ƒ Š Ž ˆ ƒ ƒž Šƒ Š ƒˆˆ Ž Š ˆ Ž ƒ Šƒ Š ƒ Š ƒ ˆ Ž ƒ Š ƒ š ƒ ƒ Šƒ ƒˆ Š ƒ Š ƒ Š ƒ š ƒ ƒ Šƒ Š Ž ˆ ƒ ƒ ƒ Ž Š ƒ Š Šƒ ˆ ŽŽ ˆ ˆ ƒ ˆ ƒ ƒž ƒ ƒ ƒ Š ƒ Š Š Š ƒ ƒž ƒ Šƒ Š
15 ƒ Ž Š ƒž ˆ Ž ƒ ƒ Šƒ ˆ Ž Šƒ Šƒ Ž ƒ Š ƒ ƒž ƒ ƒ ƒ ƒž Š ƒž ƒ Š ƒž ˆ Ž ƒ Ž ƒ Ž Ž ƒžƒ ƒž Ž ƒ ƒ ƒ Ž ƒ ƒ ƒ ƒ Š ƒ Š ƒ ƒ ƒ Š ƒ ˆƒ Ž ƒ ƒ Š ƒžƒ ƒž Š ƒžž ƒž Ž ƒ ƒ ƒ Ž Š ˆ ƒ Š ƒ Žƒ š Ž ƒ š Ž ƒ ƒ ˆ ƒ ƒž ˆ Š ƒ Š ƒž Žƒ ƒ ƒ
16 ƒ Ž Š ˆ Ž ƒ ƒ ƒ Šƒ ˆ Ž ƒ Šƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ de
17 ƒ ƒž ƒ Š š ƒž ƒ ˆ ƒ ƒ ƒ ƒž ƒ ƒ ˆ ˆ ƒ Šƒ ƒ Ž Šƒ ƒ ƒž ƒ Ž ƒ Šƒ ˆ Š Š š Š ƒ ƒž ˆ Š ˆ Š ƒ Ž ƒ ˆ Š Ž ƒž ƒ ƒ Š œ ˆ Š Šƒ ƒ š Š ƒ ƒ ƒžž Š ƒ ˆ ƒ ƒ ƒ Šƒ Š ƒ Šƒ ˆ Š ƒ ƒ ƒ ˆƒ Š ƒ ŠƒŽŽ ƒ Ž ƒ Šƒ ˆ Š Š š Š ƒ ƒž ˆ Š ˆ ƒžž Šƒ ƒ Šƒ ƒ ƒ Š Ž ˆ ˆ š ƒ Ž ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒž ƒ Ž ƒ ƒ ƒ Š ƒ Š Ž Ž ˆƒ ƒž ƒ Š Š ƒ Ž ƒ ƒ ƒ š ƒ ƒ š ƒž Š ƒ ƒ ƒ ƒ ƒ ˆ ƒ Šƒ ˆˆ ƒ ƒ ƒ ƒ ƒ ˆ ƒ Žƒ ˆ ƒ ƒ ƒ Ž ˆ ƒžž ˆ ƒ Ž ƒž ƒ š Š Š Šƒ ƒ ƒ ƒ ƒ ƒ ƒ Š Ž ƒ Žƒ ƒž ƒ ƒ ƒ Šƒ Š Š ƒžž ƒ ƒž ƒ ƒ ƒ ƒž ƒ ƒ ƒ ƒž ƒ ƒ Š ƒ ƒžž ƒ Ž Šƒ ƒ ƒž ƒ ƒ ƒ ƒ ƒ ƒ Š Šƒ Ž ƒ Ž Š ƒ ˆ ˆ ƒ ƒ ƒ ƒ ƒ Ž ƒ Ž ƒ Š š ƒ Š ƒžƒ ƒ š ˆ ƒ ˆ Š š Š š ƒ ƒ ƒž ˆ ƒ ƒž ƒ ƒžƒ Š ƒ Š ƒž ƒžƒ ƒ ƒ ƒ ˆ ƒž ƒ Š Š ƒž ƒžƒ ƒ Š ƒžž ƒžƒ ƒ ƒ Š Šƒ Š ƒž ƒ de
18 Š ˆ Žƒ Š ƒ ƒžƒ ƒž ƒž ƒ Š ƒ CEPII = X 1000 tot + M tot sec sec ( X sec M sec ) ( X tot M tot ) X X tot + M + M tot Š ƒ Ž Š š ƒ ƒ ƒ ƒ Ž Š ƒž š ƒ ƒ ƒ ƒ ˆ ƒžƒ ˆ ƒ ƒ ƒ Š Šƒ ˆ ƒ ƒ ƒ ƒž ˆ Š š Š Šƒ Š Šƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Š ƒ ƒž Š ƒ ƒž ƒ ƒžƒ Š Š Ž Šƒ Š š ƒ ˆƒ ƒž ƒ Š š ˆ ƒ ƒ ƒ ƒ ƒ Š Ž ˆ ƒ ƒž ƒ ƒ ƒ Š Š Šƒ ƒˆˆ Š Š ƒ ˆ ƒ ƒž ƒ ˆ Š ƒ Š ƒ ƒ ˆˆ Ž Ž ˆ ƒ ƒ ƒž ƒ ƒž ƒ Šƒ Ž Š ƒ Š ƒ ƒ Ž Š ƒ ƒ šƒ Š Šƒ ƒ ƒž ƒ ƒ Šƒ Š ƒžž ƒ ˆ ƒ ƒ ˆŽ ƒ ƒ ƒ Š ƒ ƒ ƒž ƒ ƒ ˆ ƒ ƒ ƒž ˆ ƒ ƒ ƒ ƒ ˆ Š ŠŽ ƒ ƒ ƒ ˆ Š Žƒ ˆ ƒ ƒ ƒž ƒ Š ƒ Š ƒ Š ƒ ˆƒ Ž ƒ Š ˆ ƒ ƒ ˆ ƒž Šƒ Š Ž ƒ ƒ ƒ Š Šƒ ƒ ˆ ƒ ƒ ƒ ˆƒ Ž Š Š ƒ ƒ ƒ Ž ƒ Ž Šƒ Š ƒ ƒ ƒ Š ƒžƒ ƒ Ž ˆ Š ƒ ƒ ƒ ƒ ƒ ƒž ƒ ˆ ƒ Ž ƒ ƒž ˆ ƒ ƒ ˆƒ šƒ Š ƒ ƒ Š Ž ƒ Š ƒ Š ƒ ƒ ƒ Š ƒœ Ž ƒ ƒ Š ƒ ƒ ƒž ƒž ƒ Š Ž Š Šƒ ƒ ƒž ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Š ƒ ˆƒ Š Ž ƒ ƒ e d h de
19 ƒ ƒ ƒ š ƒž ƒ ƒ Š Š ƒ ƒ ƒ Š Š Šƒ Ž ƒž ƒ ƒ ƒ ˆƒ Ž Š ƒ ƒ ƒ ƒ ƒ Š Š ƒž ƒ Š Š Š ƒ Š Š ƒž Š ƒ ƒ ƒ ƒ ˆˆ Š Ž ƒ ƒ Š ƒ Ž Š Ž ƒ Š ƒ Š Š Š ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ˆƒ Šƒ ˆ ƒ ƒ ƒž ƒ ˆ Š ƒž ƒ ˆƒ š Š Šƒ š Ž ƒž ƒ ƒž ƒ ƒ Š ƒ Š ˆ ƒž ƒ ƒ ƒ ƒž ˆ ƒ ƒ ˆ Šƒ ƒ Žƒ Ž Š Š Š ƒ ˆƒ Š Š Šƒ ƒ ƒ ƒ ƒ ƒ ƒžž Š Šƒ Š ˆ ˆ ƒ ƒ ƒ ƒ ƒ ƒ Š ˆƒ š Žƒ Š ˆ ƒ š ƒ Ž Š Šƒ ƒ ˆ ƒ ƒ Ž Š Š Šƒ ˆ ƒž ƒ ƒ ˆƒ š ƒ ˆ ˆ ƒž ƒ š ˆ ƒ ˆƒ ƒ ƒ ˆ Š ƒ šƒ Ž ˆ ƒžž œƒ ˆ ƒž š ƒž ƒ ƒ ƒ ƒž ˆ ƒ ƒž ƒ ˆ ƒ ƒž ƒ Š ƒ Š Š Žƒ Ž ƒ ƒ ƒ Š ƒ ƒ Š ƒ Ž ƒ Š ƒ ƒž ˆ ƒž ƒ ƒ Ž ƒ Ž ˆ ƒ Š ƒ ƒž ƒ ƒ ƒž ƒ ƒ ƒ ƒ ƒžƒ ƒ Š Šƒ ƒ ƒ Ž ˆ š ˆ ƒž ƒ š Š ƒ ƒ Š Žƒ ƒ ƒ ˆ Ž ƒ š Š ƒ ƒ ƒ ˆƒ ƒžž Š Š Šƒ ˆ ƒž ƒ Š ˆˆ ˆ Š Ž ƒ Š Ž Š ˆ Š ƒ ƒžƒ š ˆ ƒ ƒ ƒ ƒ ƒ ˆ Š ƒ ƒ ƒ ˆƒ Š e ^ de
20 Š ƒ ƒ ƒ Š Š ƒ ƒžƒ ˆ Š Š ƒ ƒ Ž ƒ Š Ž Š Š ƒ ƒ ƒ ƒ ƒ ˆƒŠ Š Š ˆ ˆ ƒ ˆƒ Š Š ƒ ƒ ƒž ƒ ˆ ƒ Ž Š Ž ƒ ƒž ƒ ƒ ˆƒ ƒ ƒ Ž Š Š ƒ ƒ Š Š ƒ ƒ ƒ ˆ ƒ Š Š ƒ Š Š Š ˆ ˆ ˆ ƒ ƒžž š ƒ ˆƒ Š ƒ Ž ƒ ƒ Žƒ ƒ Š ƒ ƒ ˆ Š Š ƒž ƒ š ƒ ƒ ƒ ƒ ƒ ƒ ƒ ˆ ƒ ƒž ƒ ƒ Ž ƒ Š ˆ ƒ ƒž Ž ƒ ƒ Š Š Š Šƒ ƒ ƒ ƒ ƒž ƒ ƒ ƒ ƒ ƒ ˆ Š ˆ ƒ ƒ ƒ ƒ ƒ ƒ ˆ Š Š Š ƒ ƒ Š ƒ ˆˆ Š ƒ Š ƒ Ž Šƒ Š Šƒ Ž ƒ ƒ ƒ ƒ Š Ž Š ƒ ˆˆ Š ƒ ƒ ƒ ƒ Ž Ž ƒ ƒ ƒ Š Šƒ Š Šƒ Ž ƒ ƒ ˆƒ Š Ž Š Š ƒ ƒ ƒ ƒ ƒ Š Ž ƒ ƒ ƒ šˆ ƒ ˆƒ ƒ Ž Ž ƒ ƒ ƒ ƒ ˆƒ Š Šƒ Š Ž ƒ ƒ Š š ˆ ƒ ƒ ˆ ƒžƒ ˆ ƒ ƒ ƒ ˆ ƒ Ž š ˆ Š ƒ ƒ ƒ ƒ ƒ ƒ ƒ Š ƒ ˆ Š Š Šƒ ƒž ƒ ƒ ƒ ˆ Š Šƒ ƒ Š Žƒ ˆ ƒ Š ŠŠƒ ƒ ƒ ƒ šˆ Š ƒ Š ƒ Š ƒ Šƒ š ˆ ƒš Š ƒ ƒ Š ƒž ƒ ƒ ˆƒ ƒ ƒ Š Ž ƒ ƒ ƒ š ˆ Š Š ƒž ƒ ƒ ˆƒ Ž ƒ ƒ Š Šƒ ƒ ƒ Šƒ ƒ ƒž ƒ Ž ƒ Žƒ Ž Š Š Š Ž ˆ ƒ ƒž ƒ ƒ ƒ Š
21 Š ˆ ƒ ƒ ƒ ƒ ƒ ˆ Š Ž Š ƒ Š Ž ƒ Š ƒ Š ƒ ƒ ƒ ƒ ƒ ƒ ˆƒ ˆ Šƒ ƒ ƒ ˆƒ ƒ ƒ ƒ ƒž ƒ Š Š Ž Š ƒ Ž ƒ ƒ Š š ƒ ƒ ˆƒ ƒšƒ š ƒ ƒ Šƒ Ž ƒ ƒ ˆƒ Šƒ Š Š Š ƒ ƒ ƒ ƒ ƒ š ƒˆ ƒ ƒ Ž ƒ ƒœ Žƒ ƒ Š Ž ƒ ƒ ƒ ƒž ƒ Š ƒ ƒž Š Š Ž ƒžž Š ƒ ƒž ˆ ƒ ƒ ƒ ƒ ƒ ˆ Ž ƒ Š ˆˆ ƒ ƒž ƒ ƒ ƒ ƒ ƒ ƒ ƒ Žƒ ƒ ƒž ƒ Ž ƒž ƒ Šƒ Ž Š ƒ ƒž ƒ ƒ ƒ ƒ ƒ Šƒ ƒ ƒ ˆƒ Ž š ƒ Ž ƒ ƒœ Ž ƒ ƒ ƒ ƒ ƒž Šƒ ƒ š Š Ž ƒ ƒ ƒ ƒ ƒ Šƒ Š Ž ƒž ƒ Š ƒ ƒ ƒ ƒ ƒ Š ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Š ƒ ƒƒ Ž ƒ ƒ Š ƒ ˆ Š Šƒ ƒ ƒž ƒ Š Š Š Ž ƒ Ž ƒ ƒ ˆƒ ƒž ƒ Š ƒ Š ƒ Ž ƒ ˆ ƒ ƒ ƒ ƒ ƒ Š ˆ Š Ž ˆ ƒ Š ŠŠƒ Š ƒ Ž ƒ ˆ Š ƒžž Š ˆ ƒ ƒžƒ Ž ƒ
22 & d / h W// D year Primary Services EU27 Manufacturing United States year Primary Services Manufacturing year Primary Services Japan Manufacturing year Primary Services China Manufacturing India Russia year Primary Services Manufacturing year Primary Services Manufacturing year Primary Services Brazil Manufacturing Š ƒž Žƒ ƒ ƒ
23 & d / h W// t EU27 United States year Transport Other Services Travel year Transport Other Services Travel Japan China year year Transport Other Services Travel Transport Other Services Travel India year Transport Other Services Travel Russia year Transport Other Services Travel Brazil year Transport Other Services Travel Š ƒž Žƒ ƒ ƒ
24 ƒž ƒ Š Ž ƒžž Žƒ ƒ Š ƒ Š ˆ ƒ Š ƒ ƒ ƒ ƒ ƒš ŠŽ Ž ˆ ƒ ƒ Š ƒ ƒž Š Š Š Šƒ Š ƒ ƒ Ž ƒ Š Š Š Ž Šƒ ƒ ƒ ƒ ƒ š Š Š ƒž ƒ Š Š Ž ˆŽ ˆ ƒ ˆ Š Š Š ƒ ƒ ƒ ˆ Š Š š ƒ ƒ ŽŽ Š ˆ ƒ Š Š Š Š Š Š ˆ ƒ Š ƒ ƒ Š Š ƒž ˆˆ ƒˆ ƒž ƒ ƒ ˆ ˆˆ ƒ Š ƒ ƒ Š ƒ Šƒ ƒ š ˆ Š Š ƒ ˆ Š Š Š Ž ƒž Š ƒ ˆ ƒ š ƒ ƒ Š Žƒ ˆ ƒ ˆ ƒ ƒ Ž š ƒ Š Š Š Žƒ ˆ ƒ ˆ ƒ š ƒ Žƒ Ž ƒ ˆ Š ƒž ƒ Š Ž ƒž ƒž ƒ ƒ Š ƒž ˆ š Šƒ Žƒ Ž ƒ Ž Š ƒ Šƒˆ ƒ Ž Šƒ ˆ Š Š ˆ Š ˆ ƒ ƒž Š š ƒ Žƒ Ž ƒ ˆ Š ƒž ƒ Š Ž ƒž ƒž ƒ ƒ š Š ƒž Š Šƒ š ƒ ƒ Ž Š e d h l
25 & h h EZ d Agriculture, Hunting, Forestry and Fishing Mining and Quarrying Food, Beverages and Tobacco Textiles and Textile Products Leather, Leather and Footwear Wood and Products of Wood and Cork Pulp, Paper, Paper, Printing and Publishing Coke, Refined Petroleum and Nuclear Fuel Chemicals and Chemical Products Rubber and Plastics Other Non-Metallic Mineral Products Basic Metals and Fabricated Metal Products Machinery, Nec Electrical and Optical Equipment Transport Equipment Manufacturing, Nec; Recycling Electricity, Gas and Water Supply Renting of M&Eq and Other Business Activities Other Community, Social and Personal Services The structure of EU27's exports by sector (%) Ž ƒ ˆ ˆ Š Žƒ ˆ ƒ š ˆ Š Š ƒ ˆŽ ƒ ƒ ƒ ˆŽ ƒ š Ž ˆ ƒ š ˆˆ ƒ ƒ Š Š Ž ƒž Š ƒ Žƒ ˆ ƒ š Š ˆ ƒ ƒ ˆ Š Š Ž Ž Š Ž Ž Š Š Š Ž Ž Ž Š Ž ƒ Ž Š Ž Š Žƒ ˆ ƒ ƒ ƒžž Š ƒ Ž ƒ ƒ ƒž ƒ ˆ Žƒ ˆ ƒ Ž Š Šƒ ˆ š ƒ Š ˆ Š ˆ ƒ ˆ Š ƒ ƒ ƒ ƒ š ˆ ƒ Ž š ƒ Ž Š Š Š ƒ Ž Š Š Š Š ƒ ƒ ˆ Š ˆ š Š Š ƒ Š ƒ Ž Š Š ˆ š ƒ Ž Š ƒ Š Šƒ ˆŠ Š Š š ƒ Š Ž Š Šƒ ˆ Š Šƒ Ž Š Ž š ƒ ƒ Ž d >
26 Š Ž ƒ ŠƒŽ Š ƒ š ƒ Ž Š Š ˆ Š Š Š Š ƒ Ž Š Š Š ˆ ˆ ƒ ˆ ƒˆ Š ƒ Š Šƒ ˆŽ Š š Š ƒ ˆ ƒž Š Š Š Š Šƒ ˆ Žƒ ˆ Ž ƒ ƒ Ž Š ƒž ƒ Žƒ ˆ ƒ Šƒ Š Šƒ Š Šƒ Š Š Š Šƒ ƒ Š ˆ ƒ ƒ ƒ š ƒ ƒž ŠƒŽˆ ˆ š ˆ Š Šƒ Šƒ Ž ƒ ƒ Š Š ˆ ƒ ƒ ƒ ƒ ƒ ˆ ƒ ƒž Š Š š ˆ Š Š Š ƒ ˆ ˆ Ž ƒ ƒ ƒ Š Ž Ž Ž Šƒ Š Š Ž ƒžž Ž ˆ š ˆ Š ƒƒ ƒ ƒ ƒœ Žƒ ƒ Š ˆˆ ƒ ƒ Ž Š ƒ ˆ ˆŠ š ƒ ˆ ƒ š ƒ ƒ Ž š ƒ ˆ ƒ ƒ Š ƒ ƒ Š Ž ˆˆ Š ˆ Š ƒ Š ƒž ƒž ƒ ƒ ˆ Š ƒž Šƒ Š ˆ Ž ŠŠ ƒ ƒ ƒ ƒžž ƒ ŽŽ ƒ ƒ ˆ ƒ Š Šƒ ˆ Š ƒ ƒ ƒ ƒ Š ˆ Š Š Š Š ˆ Ž š ƒ ˆ Ž Š ƒ ƒ ƒ š ˆŠ Š Š Š Ž Š Šƒ ˆ Š Š Š Š š ƒ ƒ Š Š ƒ Šƒ ƒ ƒ Š ƒ Š ˆ Š š ƒ ƒ ƒ Šƒ ˆ ƒž ƒ Š š ˆ Š Š Š Š ˆ š Š ƒ ƒ Š Š Š ƒ Ž ƒ Ž Š Š ƒ ˆ ƒ š Š Š ˆ Šƒ ƒ Ž ˆ Ž Š Ž Š Šƒ š Š Š ˆ ƒ ƒ ƒ ƒ ƒ ƒ ŽŽ ƒ Ž Š ƒ ƒ ƒ ƒ ƒž ƒ ƒ Š ƒœ Š ˆ ƒ ƒ ƒ ƒ ƒ ˆ Š Š Š Š ƒ ˆ ƒ Šƒ Šƒ ƒ Š ƒ ƒ š ƒœ Ž ƒ ƒ ƒ Š š ˆ ƒ ƒ Ž Š ˆ š ƒžž Š ƒ Š Š Ž Žƒ Ž ƒˆ Š ˆ ƒ ƒž Ž Š Š š ƒ ˆ ƒ ƒ ˆ Š Š Š Š Š ƒ Œ Ž Ž Š Ž ƒž ƒ ˆ ƒ Š ˆ de
27 ƒ ƒ Ž ƒ ƒ ƒ ƒ ƒž ƒ Š ƒ ƒžž ƒ Š Š Ž ƒž ˆƒ š ƒ Ž ˆ š Š Ž ƒž Šƒ š Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ Š Š Š Š Š Š Ž Š Ž Š Žƒ ˆ ƒ Š Š Ž ƒ Š Š Š ƒ ˆ ƒ ˆ ƒ ˆŽ Š ƒ ˆ ƒ š Šƒ ˆ ƒ š ˆ Š š Š Š Š ƒ Šƒ Š ˆ Š ƒ Š ƒ ˆ Š š ˆˆ ƒ ± ƒž ƒ ƒ Žƒ ˆ ƒ Š ƒ ˆ Žƒ Š ƒ ƒ ƒ ˆˆ ƒ ˆ Š ƒž ˆ Š š Šƒ ƒ ƒžž ƒ ƒ ƒ ƒ ƒž ƒ ƒ Š ƒž ˆƒ ƒ ˆŽ ƒ ƒž Š ƒž ƒ Š Ž Šƒ Šƒ ƒ ƒ ƒž ƒ Šƒ ƒž ƒž ƒž ˆŽ ƒ ƒ ƒ ƒžžƒ Š Š ƒ ƒžˆ ƒ Šƒ Ž ƒ Š Š Šƒ ˆ ˆ ƒ ƒ Žƒ Ž ƒ ˆ Žƒ ˆ ƒ Š ƒ ˆ ƒž Š ƒ ƒž Šƒ ƒ ƒ ƒš Š ˆ ƒ ƒ ˆ Š ƒ ƒ ˆ š ƒ ƒ de
28 Ž ƒ ƒ Š Š ƒ ƒ ƒ ƒž ƒ Š ƒž ƒ ˆŽ ƒ š Œ ƒ ƒ Š Ž ƒ Š ƒ ƒ ƒ Š ƒž ˆ ƒž ƒ ˆŽ Š Š Ž ƒ Ž ƒž ƒ Š Ž Š ˆ Ž Ž ƒž ƒ š Žƒ š š Š ˆ ƒ ˆ ƒž Š ˆƒ š ƒ Ž Žƒ ƒ ƒ ƒ Ž ƒ Ž ƒ ƒ ˆ ˆˆ ˆ Š Š ƒ ˆˆ Ž ŽŽ ƒ ƒ Ž ƒ ƒ ƒ ƒ ƒž ƒ Š ƒž ƒ ˆ ƒ ƒ ƒ ƒ ƒž ƒ ˆ ƒž ƒž ƒ ƒ ˆ ƒ Š ƒž ƒ ˆŽ ƒ š Œ ƒ Š ƒž ˆ Š ˆŽ š ƒ ƒž Š ƒž ƒ ƒ ƒ Ž ˆ ƒž ƒ ƒ ƒ ƒ Š Š ƒž ˆ ƒžžˆž ƒ ƒž Žƒ ˆ ƒ ˆŽ ƒ Š ƒž Š ˆ Ž Ž ƒž ƒ Š ƒ Š ƒ ƒ Ž Ž ˆ ƒ ƒ ƒž Š Š Ž Šƒ Ž ƒ Šƒ Š ƒž œ ˆ ƒ Ž ƒ Š Š ƒž ƒ ƒ ƒ ˆ Š Š Ž ƒ ƒ ƒž Š Š ƒ Š Ž ƒ ƒ ƒž Ž ƒ Š Ž ƒ ƒ ƒž ƒ Ž Ž Š Ž ƒ ƒ ƒž ˆ Š ƒ ƒ ƒ ƒ ƒ Ž ƒ Ž ƒžž ˆ ƒ ƒ ƒ ƒž Š ƒ Š ƒž ƒ ˆŽ ˆ Š ƒ š ƒ ˆ ƒžž ƒ Šƒ ƒ Š ƒž ƒ ˆŽ Š ˆ ƒ ƒ ˆŽ ˆ ƒž Š ƒž ˆ ˆˆ ƒ Ž ƒ ƒž ƒ Š Š ƒž Š Šƒ ˆ Š ƒ ˆŽ ƒ ƒ Š ƒ ƒ Š ƒ ˆ Š ƒž ƒ Š ƒž ƒ ˆŽ ˆ ƒ ƒ š ƒ ƒ Š Ž ƒ ƒ ƒž ˆ Š ˆ Š ƒ Ž Šƒ ƒ Šƒ ˆ ƒ ƒ Š Ž ƒž ƒ ƒ ƒ Šƒ ˆ ƒ Š Ž ƒž ƒ ˆ Š ƒ Š Š Šƒ ƒ Šƒ ˆ ƒ ƒ Š Š Š ƒž ƒ ƒ ƒ Šƒ ˆ ƒ Š Ž ƒž ƒ Š Š ƒ Šƒ Š Š Ž ƒ ƒ ˆ Žƒ œ ƒ Š ƒ ˆ Š ˆ Ž ƒ ƒž ˆ Š ƒ ˆ ƒ ƒ Š ƒ ƒ ƒ ˆ ƒž š Š ˆ š ˆ ƒž Ž Žƒ Š ˆ ƒ ˆ ˆ Š Š ƒ ƒ Ž Ž ˆ ƒ ƒ ˆ ƒž ƒ ƒ ˆ ƒ ˆ Š ƒ ƒ ƒ Žƒ ˆ Š ˆŽ Š ƒ Žƒ ˆ ˆŽ ƒ ƒ ˆ Ž ƒž ƒ Š ˆ Š Š ˆ ƒž Žƒ ˆ ƒ Žˆ ƒ Ž ƒ de
29 Š ƒ Šƒ ƒ ƒž ƒ ƒ ƒ Ž ƒ Š ˆ š ƒž ƒ ˆ Š ƒ ƒ ƒ Š Š ƒ ˆˆ ƒ œƒ Šƒ Š Š Ž ƒž Ž Ž ˆ ƒ š ƒž ƒžž ƒ Š Š ƒ Š Š ƒ Š ƒ Šƒ ƒ ƒž ƒ ƒ Š Š ƒ Š ˆ š ƒ ƒž ƒ Ž ƒž Š ƒ ƒ ƒ Š Šƒ ƒž ƒ Š Šƒ ƒ Š ˆ ƒ Š Ž ƒ Ž ƒž Š Š ƒ ˆ ˆ Š š Š ƒ ƒ Š ƒ Šƒ ƒ ƒ Š ƒž ƒ ƒ ƒ ƒ Š Ž ƒ ƒ ˆ ƒ Šƒ ƒ Žƒ ƒž Š ˆ Š ˆ ƒ ƒž Š Žƒ Š ƒ ƒ ƒ Š Šƒ ƒ Š Šƒ ƒ Š ˆ ƒ ƒ Ž ˆ š ƒž Šƒ Š Š Š Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ Žƒ ˆ ƒ Š ˆ ƒž ƒ Š Š Š Ž Šƒ ˆŽ Šƒ Ž ƒž ƒžž ˆŽƒ Š ƒ ƒ ƒ ƒ ˆŽ ƒ Š ˆƒ Šƒ ˆˆ de
30 ƒ š Š ƒ ƒ ˆ Š ƒ ƒ Š ƒ ƒ ƒ ˆˆ ˆˆ ˆŽ Š ƒžž ˆˆ ƒ Š Š ˆ ƒ Š Ž Š Š ƒ š Ž Š ƒ ƒ Š ƒ Šƒ ˆ Š š š Š Ž Š ˆƒ š ƒ Š Š Š ƒ ƒ Œ ˆ Š ƒ Šƒ ŽŽ Š ƒžžƒ ˆ ƒž ƒ ƒ ƒ Š ˆ Šƒ ƒ ƒžž Š ƒ ˆ ƒ ƒž ƒ ˆ Šƒ ƒ ƒ ƒž ƒ ƒ ˆˆ ƒž ˆ Ž Š ˆ Š ˆ Š ˆ ƒ Ž ƒ š ˆ ƒž š ƒ ƒž Š ƒ ƒž ƒž ƒ ˆ Š ƒ ˆ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Žƒ Š ƒ Ž Žƒ Š ƒ Š š ˆˆ ƒ ƒ Ž Š Š Ž ˆ ƒž ƒ ƒ ˆƒ ƒ Šƒ ƒ ƒ ƒ ƒ ƒ ƒž Š ƒ Š ƒ Šƒ Š Šƒ ƒ ƒ ƒ ƒ ƒ ƒ Š ƒž ƒ Š ƒ ƒ Š ƒž ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Ž ƒž ƒ ƒž ƒ š Ž Š ˆ ƒ ƒž ƒ ƒ ƒ Š ƒ Š ˆ ƒ ƒž ƒ ˆ Š š ƒ ƒ Š ƒž Š Ž ˆ ƒ ƒ Ž Šƒ Š š Š Š Šƒ ƒ ƒ ƒ ƒ ƒ Žƒ Š Š ƒ ƒ ƒ Ž ƒžƒ ƒž Š ˆ Š Ž ƒ š
31 & ed W// Z h h Revealed comparative advantages for EU27, by sector Machinery, Nec Transport Equipment Chemicals and Chemical Products Food, Beverages and Tobacco Pulp, Paper, Paper, Printing and Publishing Other Non-Metallic Mineral Products Rubber and Plastics Wood and Products of Wood and Cork Basic Metals and Fabricated Metal Products Renting of M&Eq and Other Business Activities Other Community, Social and Personal Services Electricity, Gas and Water Supply Coke, Refined Petroleum and Nuclear Fuel Manufacturing, Nec; Recycling Leather, Leather and Footwear Agriculture, Hunting, Forestry and Fishing Textiles and Textile Products Electrical and Optical Equipment Mining and Quarrying ƒ ˆ ƒ Š Žƒ ˆ ƒ ƒ ƒ Š šƒ š Ž ƒ ˆŽ ƒ š ˆ š ƒ ƒž ƒ Ž ƒž š ƒ ƒž Š ƒ ƒžž ƒžƒ ƒ ƒž ƒ ƒ Š Šƒ ˆƒ Š ƒž š Š Š ƒ Šƒ ˆ ƒ Š ƒ ˆ Š ˆ Š Ž ƒ Š ˆ RCA_ Balassa k i = i X X k i k i X k i k i k X k i Š Š š Š ˆ š Š š Š ƒ Š ˆ ƒ Ž Žƒ ƒž ƒ ƒ ƒ ˆ Š ƒ ƒ Š š Ž ˆ Š ƒ Š & e Š Ž Š Š š ƒ ƒ ƒ ƒ ƒ ƒ ˆ ƒ ƒ Š ƒžƒ ƒ ƒ ˆ ƒ ƒ ƒ ƒ ƒ Ž š ƒ ƒ Ž Š ƒ ƒ Œ ˆ Š œ ˆ ƒ Š Ž Š ƒžƒ ƒ ƒ ƒ ˆ Š ˆ ƒ ƒ Š Ž ƒžž Ž Š ƒž ƒ ˆ Š ƒ ƒž ˆˆ Š ƒ š ƒ ƒ ƒ Š Š Šƒ ˆ ƒ ˆ ƒ ˆ Š ƒž ƒ ƒ ƒ ƒ ƒ ƒ ƒž Š ƒžƒ ƒ ƒ Š ˆƒ š Žƒ Š ˆ Ž ƒ ƒ Š ˆ ƒ
32 ƒ Ž ƒž ƒž Ž ƒ Šƒ Š ˆ Š Š ƒžž š Ž Šƒ Ž ƒž ƒ ƒžƒ ƒ ƒ Žƒ Ž Šƒ Š ƒž ƒ ƒ ˆ ˆ Š ƒ Š ˆƒ Šƒ ƒ Ž ƒ š ƒ ƒž Ž Š ƒ Ž ƒ ƒ Š Š ƒ Š ˆ ƒ Šƒ Š Š ƒ ƒ ƒ ƒ ƒ Ž ƒ ƒ ƒ Š ƒžž ƒž ˆ ƒ Ž ƒ ˆ Žˆ ƒ ƒ ˆ Š Ž Š ƒžž ƒ ˆ ƒ Š Š Š Žƒ & ed Z h h Revealed comparative advantages for EU27, by sector Electricity, Gas and Water Supply Machinery, Nec Chemicals and Chemical Products Transport Equipment Pulp, Paper, Paper, Printing and Publishing Other Non-Metallic Mineral Products Wood and Products of Wood and Cork Food, Beverages and Tobacco Rubber and Plastics Basic Metals and Fabricated Metal Products Leather, Leather and Footwear Coke, Refined Petroleum and Nuclear Fuel Manufacturing, Nec; Recycling Renting of M&Eq and Other Business Activities Electrical and Optical Equipment Other Community, Social and Personal Services Agriculture, Hunting, Forestry and Fishing Textiles and Textile Products Mining and Quarrying RCA2000 RCA2007 RCA2010 ƒ ˆ ƒ Š Žƒ ˆ ƒ ƒ Š ƒžƒ ƒ šƒ š Ž ƒ ˆŽ Ž ƒž š Š Ž ƒ ƒž
33 ƒž ƒ ƒ Ž ƒž ƒž Šƒ Š Ž ˆ ƒ ˆ ƒ Šƒ Šƒ Š Žƒ ƒ ˆ Ž ƒž ƒ ˆ ƒ Ž ƒ Žƒ Ž Š ƒ ƒ ƒ Ž Š ƒ ƒ Ž ƒž Š ƒ ƒ Ž ƒ Š Ž šƒ ƒ ƒž ˆ ƒ ƒ ˆ ƒ ƒ ƒ ƒž ˆ ƒ Š ƒž ƒ š Š Ž Ž š Š ƒ Ž ƒ Š Ž ƒ ˆ ƒžž ƒ ƒ ƒ ƒ ƒžž Šƒ ˆ ŽŽ ƒ ƒ Ž Š ƒ ƒ ˆ ƒ ƒ ˆ š Š ƒ Ž ƒ ƒ Ž š Š Š ƒ ˆ Žƒ ƒ Š ˆ š ƒž Š ƒž ƒ Šƒ Š Žƒ ˆ ƒ ˆ ƒ ƒ Š Ž Ž ˆ ƒ ˆ ƒ Š ƒ Š Š Š ƒ ƒ Žƒ ˆ ƒ Š Žƒ ˆ ƒ ƒ ˆ ƒž Š ˆ Ž ƒž ƒ ƒ ƒ Ž ƒ Ž ƒ Š ƒ Ž ƒ Š Š ƒ ˆ š ƒ ˆ ƒž ƒ ˆ ƒž ƒ ƒ Š ƒ Ž ƒ ŽŽ ƒ Š ƒ Žƒ Šƒ ˆ Š ƒž ƒ š ƒ ƒ Šƒ ˆˆ ƒž Š ˆ š ƒ ˆ Š š Žƒ Ž ˆ ƒž Šƒ Š ƒ ƒ Š Š Šƒ Š Žƒ Ž ƒ Šƒ Š Š Ž ˆ ƒž Šƒ ˆ ƒ Š ƒ Šƒ Š ˆ ƒ Š ƒ ƒ Š Ž ˆ Š ƒžž ƒ ƒ ŠŠ ƒž ƒ Š ˆ Šƒ ˆ ƒ 12 The correspondence between each BEC product category and product usage (final/intermediate) is shown in the Appendix, Table A.4.
34 ƒ Ž ˆ š ƒ Šƒ š ƒž ƒ ƒž ƒ ƒž ƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ ƒ Ž ˆ ƒ Šƒ ƒž ƒ ƒž ƒ ƒž ƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ ƒž ƒ ƒ ˆ Š ˆˆ ˆƒ Ž ƒž Ž ƒ ƒ ˆ ƒ ˆ ƒž ƒ ˆ š ˆ ƒ ƒž ƒ Ž Š ƒžž ƒ ˆ ƒ ˆ ƒ ƒ ƒ ƒ ƒ ŽŽ ƒ Ž ˆ ˆ ƒ ˆ ƒ ˆ Š ƒ ƒ ˆ ƒž ƒ ƒ
35 ƒž ƒ ƒ ƒ Š ƒ Ž Š ˆ ƒž ƒ ˆƒ š Šƒ Š ƒ ˆ ƒ Š ƒž ƒ ƒ š ƒ Ž ˆ Š Š ˆ ƒž ƒ ƒ Š ƒ Ž ƒ ˆƒ ƒ š ƒž ƒ Š Š Š ˆ ƒ ˆ ƒ ƒž Ž ƒ ƒ Ž ƒ ƒ ƒ Ž ƒž ƒ Ž Š ƒ ƒ ƒ ƒ ƒ ˆ Ž ƒ ˆ Š ƒ ƒ Ž š ƒž ƒž ƒ ˆ Š ˆ ƒ ˆ ƒ ƒž ƒ ƒ Šƒ š ƒ š ƒžž ƒ ƒž ƒ ƒ Šƒ š š ƒ ƒ ƒ ˆ Š ƒ Š ˆ ƒž ƒ ƒ ˆ ˆ ƒžž Š Š Š ˆ Š š ƒ ƒ ˆƒ š ƒž ƒ ƒ Š ˆ ƒ Š ˆ š ƒ Š Š Šƒ Šƒ Š ˆ ƒ ƒ ƒžˆ ƒ ƒ ˆ ƒ Š ˆ Šƒ Š ƒ ƒ ƒ šƒ Š ƒ Ž ƒ ƒ ˆ ƒž ƒ ˆ ƒ Š Š Žƒ Ž Š ƒ ƒ ˆ ƒž ƒž ƒ Š ˆ š ˆ ƒž ƒ ƒ ƒ ƒ š Š ƒž ƒ ƒ Š ƒ ƒž ƒ ƒžž ƒ ƒ ˆ Š Š ƒ ƒ ƒ ƒ šƒ Ž ƒ ƒ ƒž ƒ ƒ ˆ Š Š Ž Šƒ ƒ Šƒ Š ˆ ƒ ƒ Šƒ ƒ ƒ ƒ ƒ ƒž Šƒ ƒ ƒž š Šƒ ƒ Š Šƒ ˆ ƒžž ƒž ƒ ƒ š ˆ Š Ž Ž š ƒ š ƒ Š ƒ ƒ ƒ Š ƒ ƒ ƒž š Ž Š ƒ ƒ ˆ ƒž š Š Š ƒž ƒ ˆ Š š ˆ Š Š Š ƒ ˆ ˆ ƒž ˆ Š Š Š ƒ ƒ ƒ ˆ ƒ ˆ Š Š Š ˆ š ƒ ˆ Š Ž ƒ ˆƒ ƒ Š ˆ Š Šƒ ˆˆ ƒ ƒž 13 For a technical discussion of these measures see Foster-McGregor and Stehrer (2013) and Appendix Section A.2.
36 & e ^ l ƒ ˆƒ Ž ƒ ƒ ƒž Žƒ ƒž š ˆ Š Šƒ ˆ Š Š š ƒ ŽŽ Žƒ Ž ƒ ƒžž ƒž ƒ Š Š ƒ ƒ ƒ ƒ Š Ž Ž ˆ ƒ ƒ ƒž ˆ ƒ ƒ ˆ ƒ Š ƒž Š Š š ƒ ƒ Š Šƒ ƒ ƒ ƒ ƒ ƒžˆ ƒ ƒ ˆ Š ƒ Žƒ Š Š Š Šƒ Ž ˆ Š ƒ Š Ž ƒ ƒ ƒ ˆ ƒž Š ƒ ƒ ƒ ƒ Šƒ Ž Ž Ž ˆ Š Š Ž ƒ ˆƒ Š Ž ˆ Š š Š ƒ Šƒ Š ˆ Ž ƒ ˆƒ ˆ ƒ ˆ ˆ š Š Šƒ ƒ Ž Š Ž Žƒ Š Š Šƒ š Ž ˆ Š Š ƒ Ž Šƒ Š Žƒ Š ˆ ˆ ƒ ƒ Š ƒšƒ ƒ ƒžž ƒž ƒ ƒ Š ƒ ƒ 14 Results for all countries included in the WIOD database and years 1995, 2000, 2007, and 2011 are presented in Appendix Table A.19. de
37 ƒžž Š Ž Š Šƒ Š Ž Š š ƒžž Šƒ ˆ ƒ ˆƒ š ƒž ƒ ƒžž Šƒ ƒ Ž ƒ ƒ Ž ƒ ƒ ƒž ˆ ƒ ƒ Žƒ Ž Š ƒ ˆƒ ƒ ƒ ƒ Š Ž Š ƒ Žƒ Ž Žƒ Ž ƒž Šƒ ƒ ƒ Š Ž Ž ˆ ƒ ˆ ƒ ƒ Š Ž Ž ˆ ƒž Š Š Šƒ š Š ƒ ƒ ˆ ƒž ˆ Š Š Š š ˆ ˆ Ž ƒ Ž ƒ ˆ Ž Š ƒ ˆƒ Š Š Š Šƒ ˆ ƒž ƒ Š š ƒ Š ƒ ƒ ƒžž Š Š Ž Š ƒ ƒ ƒžˆ ƒ ƒ ƒ Š Šƒ ˆ ŽŽ ƒ ˆ Ž Š Š ˆŽ ˆ Ž Šƒ & e ^ hde l ƒ ƒ ƒž Žƒ ^ de
38 & ^ hde l ƒ ƒ ƒž Žƒ Š ƒ ˆ ƒ ˆ ƒž ƒž ƒ ƒ Š ƒžž Žƒ Šƒ ƒ ˆƒ ƒ Š Š Ž ˆ ƒž Š ƒ ˆ ƒ ƒ ƒ ƒ ˆˆ ŠŽ ƒ ƒ Š ƒž ƒ ƒ Šƒ Š ƒž ƒ ˆ š ƒ Ž Š ƒž Šƒ Š ƒ ˆ ƒž ƒ š ˆ Š Š ƒ ˆƒ Š Š ƒ Šƒ ƒ ƒ ˆ ƒ ƒ ƒ Ž ƒ š ƒ Ž Š š Š Š ƒž Šƒ ƒˆˆ Š ˆ ƒ ƒ ˆ Š Šƒ ƒž ƒ Šƒ š Š Š ƒžž ƒ ƒ ˆƒ ƒ Ž Š Š ˆ ƒ ˆ ƒ ƒ Š ƒ ˆƒ Š Š ƒ ƒ ƒ ƒž ˆ ƒ ƒ ˆ ƒ ƒ ˆ ƒ ˆ Ž ƒ Š ƒž ƒ Š ƒž Ž ƒž ƒ ƒž ƒ ƒž ƒ ƒ Šƒ Š ƒ Ž Š Š Š Š Š Š Š ƒ ƒ ƒ ƒ de
39 Š Š Ž ˆ Š ˆ ˆ ƒ ƒ ƒž Š Š Š Š ƒ ƒ ƒ ƒ ƒ ƒ Ž ƒ ƒ ƒ Ž ƒ Ž Š Š Žƒ ƒ ƒ ƒž ˆ ˆ ƒ ƒ ˆ ƒ Ž Š Š Š Šƒ ƒ Ž Š Š Š Š ƒ ƒ ƒ ƒžž ƒ Š Š ƒ Š ƒ ƒ Šƒ ƒ ˆˆ ƒ Š ƒ ˆ ˆ Š ƒ Ž ˆ ƒ ƒ Ž Š ŠŽ Š ˆ Šƒ Š ƒ Š Ž ƒ š Ž ƒ š Ž Š ˆ ƒ š ˆ Š ƒ ƒ Šƒ Š ŽŽ Ž Ž ƒ ƒ ƒ ƒ ˆ Š š Ž ƒžƒ ƒž Š ƒ š ƒ Š ƒ Ž Ž Šƒ ƒžž Š ƒ Žƒ Ž Š Š Žƒ Ž Ž Šƒ ˆ Š ƒƒ Ž Š Š Ž ˆŠ ƒƒ ƒ ƒ Ž ˆ Ž ƒž ƒ Š ƒ ƒ ƒ Š Žƒ Ž Žƒ Š Š Ž ƒžž Š Š ƒ Š Šƒ ŠŽ ƒ Ž Šˆƒ ƒžž ˆ ƒ Š ƒ ˆ ˆ Š ƒ Š ŠŽ Š Š Ž Š Ž ƒ Š ƒ ƒ Š ŽŽƒ ƒž Š Š Š ƒ Ž Š Ž de
40 & h deed ƒ ƒ ƒž Žƒ
41 & ^ l ƒ ƒ ƒž Žƒ ƒž ƒž ƒ ˆ Š ƒ œƒ ˆ š ƒ ˆ Š ƒž ƒ ˆ š ƒ Š ƒ ˆƒ ˆ Š ƒ Žƒ Ž Š Ž Š Š ƒ Ž Ž ƒ ƒ Ž Š ƒ ƒ ƒ Š ƒž Š Š ƒ Ž Ž ƒ ƒ Ž Š ƒ ƒ ˆƒ š ƒ Ž ƒ ˆƒ ƒ ˆ ˆ ƒž ƒ ƒž ƒ ˆƒ š ƒ š ƒ ƒ ˆ š ƒ ˆ Š ƒ ˆ ˆ ƒ ˆƒ š Š Šƒ ƒ ˆ Š ƒž ˆ ƒ ˆƒ š ƒž ƒ ƒ Š Š ƒ ƒž ƒ ˆ Š ƒ Š ƒž ƒ ˆ š Š Šƒ ˆ ƒž ƒ ƒ Š ƒ ƒ ˆƒ š Š ƒ ƒ ƒ ˆ Š ƒž ƒ Š š ƒ Šƒ ƒ ˆ ƒ ƒ Ž Š Š Šƒ ˆ ƒž ƒ š ƒ ˆƒ š ƒ ˆ ˆ ƒž ƒ ƒž ƒ ˆƒ š ƒ š ƒ ƒ ˆ
42 Š Šƒ ƒ ƒ ˆ Š ƒ ˆƒ ƒ Šƒ ƒ ƒžž Šƒ ˆ ƒž ƒ ƒ ˆ ƒž ƒ ˆ ƒ ˆƒ š ƒ š ƒ ƒ ƒž Žƒ ƒ Š ƒž ƒ ˆ ƒž ƒž ƒ Š ƒž ƒ ƒ š Šƒ ˆ Š ƒ ƒž ƒž ƒ Ž ƒž ƒ Š Š ˆ Š ƒ Š Š Š š ˆ ƒž ƒž ƒ Šƒ ƒ Š Š Š Šƒ ˆƒ Ž ƒ Ž Š Š ˆ ƒ Šƒ Šƒ ƒ Ž Š ƒ ƒ Žƒ Ž ˆ Ž ƒ Ž ƒžž ƒ Ž ˆ ƒž ƒ ƒ š ˆ Š Š ˆ ƒž ƒ š ˆ ƒ ƒ ƒ ˆ š ˆ Š ƒ ƒ
43 Figure 14. Shares of EU vertical specialisation (foreign value aed in exports) by partner, in % ƒ ƒ ƒž Žƒ Š Š š ˆƒ ƒ š ƒ ƒ ƒ Šƒ ˆ ƒž ƒ ˆ ˆ Š Šƒ ˆ ƒž ƒ ˆ ˆ š Šƒ ƒ š Šƒ ƒ Š ˆ ƒ Ž ˆ ƒ ƒ Ž ƒ ˆ š ƒž ƒ ˆ ƒ ƒ ƒ Š ƒ ƒ ˆ Š ƒ ˆ Ž Šƒ ƒ ˆ ƒ ˆ Š Ž ˆ Žƒ ƒ ˆˆ ƒ Š Š ƒƒ ƒƒ Š Ž ƒ Š Š ˆ Ž ƒ Ž ƒ Š Š ƒ ƒ ƒ Š ƒ Š ƒ ˆƒ ƒ š Š ƒ ƒ ƒ ˆ ˆˆ ƒž š ƒ ƒ ƒ š Š ƒ Ž ƒ Ž ƒž Šƒ Šƒ ˆ ƒž ƒ Š š Šƒ ƒ Š Šƒ ˆ ƒž ƒ ƒ ˆ Š ˆ Š Šƒ Š š Šƒ ƒ ƒ ŽŽ ƒ ƒ ƒ ˆ Š ƒ Ž ˆ ƒ Ž ƒ Ž š ƒ Šƒ ƒž ˆ ƒž ƒ Š ƒ ˆ Š Š Šƒ Ž Šƒ Ž ˆ Ž 16 It should be noted that this is a very heterogeneous group comprising other European countries like Switzerland and Norway and oil-exporting countries. 17 In Appendix Tables OLA.21 and OLA.22 the complete vertical specialisation matrix for the countries included in the WIOD database are provided for years 1995 and 2011 with Appendix Table A.23 providing the changes of these shares in percentage points.
44 ƒ Ž Šƒ ˆ ˆ ƒž ƒ š ˆ ƒ ƒ ˆ š ˆ ƒžˆ ƒž ƒ ˆ š ŽŽ ƒž ƒ š ƒ ƒ Ž Š Šƒ ˆ ƒž ƒ ƒ ˆƒ š Š Š Š ƒ ƒ Š ƒ ƒ ƒ Š ƒ ƒ ƒž š ƒž š ƒ ƒ Š ƒ Š ƒ ˆƒ š ƒ ˆƒ š ƒ ƒ Š ƒ Š š š ƒ ƒ Š ƒ Š ƒ ƒ ƒž Žƒ ƒž ƒž ƒ ƒ ˆ ƒ ƒ ƒ ˆ ƒž ƒž ƒ ˆ ƒž ƒ ƒ š Ž ƒž ƒ ƒž ƒ ƒ Š ƒ ƒž Š Ž ƒ Žƒ Ž Žƒ Šƒ ˆ ƒž ƒ ˆ Š Š Š Š ƒ ˆ Š ˆ ƒž ƒ ƒš ˆ š Š Š Š ƒ Š Š ƒž ƒ ƒ Š š ƒž ƒž ƒ ƒ Šƒ ƒž Š Šˆ š Š Šƒ ƒ Ž Šƒ ƒžž Š Šƒ ˆˆ Šƒ ƒžž ƒ ƒ Š ƒ ƒž ƒ ˆ
45 ƒ Š Žƒ Ž ƒžž ƒ ˆƒ Ž ƒ & l h D ^ ƒ ƒ ƒž Žƒ Š ƒ ˆ ƒ Š Šƒ ƒ ƒ Žƒ Ž Š ƒž ƒ ƒ ƒ ƒ š ƒ ƒ Ž Š Šƒ ˆ ƒž ƒ ƒ ˆƒ š Š Š Š Ž Š Šƒ ˆ ˆ ƒž ƒ š ƒ Š Šƒ Ž ƒž ƒ Šƒ Š œ Š Ž Žƒ ƒ ƒ Š ƒ ƒ ˆ Š Š š Žƒ ƒ ƒž ƒ Ž Šƒ ˆ Š ƒž š šƒ Ž Š ˆ š ƒ Šƒ Š œ Š Ž ƒ ƒ Žƒ ƒ Š ƒ ƒ Žƒ Ž ƒ ƒ ƒ ƒˆ Š ƒœ ˆ Š Šƒ Šƒ ƒ ƒ Š ˆ ƒ Ž ˆ ƒ ƒ Ž ƒ ƒ ƒ ƒƒ ƒ ƒžž ƒž ƒƒ ƒ Š Ž Šƒ ƒ ƒž Š Š ˆ ƒ Š Ž Ž Ž Šƒ Šƒ 18 This can be studied by considering manufacturing and services exports only, and by including only these countries extra-eu exports. This more detailed information is provided in the Appendix Tables OLA.24.
46 ƒž ƒ ƒ ƒ ƒ ˆˆ ˆ Š ƒ Žƒ ƒ ƒ Š & de deed ƒ ƒ ƒž Žƒ ƒ ˆˆ ƒ Š ˆ ƒž ƒ ˆ š ƒ Šƒ ˆ ˆˆ ƒ ˆ ƒ ƒž ƒ Š ƒ ˆ ƒžž š ƒ ƒ ˆ ƒ ƒ Š ƒ ˆˆ ƒž ƒ ƒ Š Žƒ Ž ƒ Ž ƒ Šƒ Ž Š ƒ Ž Ž ˆ ƒ Š Š ƒ ƒ Š Š Š Š ˆ Šƒ Šƒ ƒ Š ƒ Š Š Žƒ Šƒ Š ƒƒ ƒƒ ƒ Žƒ ƒ ƒ Ž Šƒ Š ƒ ƒ Ž Š ƒ ƒ ƒ ƒ ƒƒ ƒ ƒžž Šƒ Šƒ š Žƒ Šƒ Šƒ ˆ ˆ ƒž ƒ Š š Š Šƒ Š ƒ ˆ ƒ ƒ ƒ ƒžž Ž ˆ ƒ š ƒ ƒ Ž ˆ ƒž ƒ ƒ ƒ š ƒ ˆ Šƒ ˆ ˆ ƒž ƒ ˆ ƒ ƒ ƒ ƒ ŠƒŽˆ ˆ Š ƒž ˆ ƒ ˆ Š Š ƒ ˆ Šƒ š ƒ ƒ ƒ ƒ 19 Although the intra-eu integration is still relatively more important. de
47 ˆ Š ƒ ƒ ƒ Š Žƒ ƒžž ƒžž ƒ ƒ ƒ Š ƒžž Š Ž ˆ Šƒ ƒ ƒ ƒ ƒ Š Šƒ ƒ Š ƒž ƒ Š ƒžž Šƒ Žƒ ƒ Ž ƒ ƒ ˆ ŽŽ Š ƒ ƒž Š Š ƒž ƒ ƒžž Ž Š ƒ Š ƒ Š Š Šƒ ˆ ƒ ƒ ƒ ƒ ŠƒŽˆ ˆ Š ƒž ˆ ƒ ˆ Š Š & de & l ƒ ƒ ƒž Žƒ ƒž ƒ ƒ ƒ ƒ ƒ ƒ ƒž ƒ ƒ ƒ ˆ ƒ ƒž ƒ ƒ ƒ Š Š Š Šƒ ƒ Žƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Žƒ Š ƒ ƒ ƒ Š ƒž ƒ Š ƒ ƒžž šƒ Ž ˆƒ ƒ ˆ ƒ Ž ƒ Ž ƒ ƒžž Šƒ ˆ ƒž ƒ š Ž Ž Š ƒž Š Š ƒžž Ž ƒ Š Š Ž ƒ Šƒ šƒ Ž Š ƒ Š Š Ž ƒž Š Š Š ƒ ƒž ƒž ƒ ƒ ƒ Ž ˆ ƒ ƒ Š ƒ ƒžž ƒž Žƒ Š ˆ š Š ˆ Ž ƒ Š ƒ Š ƒ ˆ Šƒ ƒ ƒ Š ˆˆ ƒ ˆ ƒ ƒ Š ƒž ƒ ŽŽ Žƒ Ž Žƒ 20 Appendix Tables OLA.25-OLA.27 provide the complete vertical specialisation matrices for 1995, 2011 and the respective changes in these shares. de
48 ƒž Š Š Š ƒ Ž ƒ ƒž Žƒ Ž Žƒ ƒ ƒžž Šƒ ƒ ƒžž š ˆ ƒžž Š ƒ ˆ Š ˆˆ Š ƒ ƒž Š ˆ Š ƒžƒ ƒ ƒ ˆ Ž Š ƒž ƒ ˆ Š ƒ ƒž ƒ ƒ ƒ š ƒ Ž Š ˆˆ ˆ ƒ ƒ ƒ š ƒ Š ƒž ƒ ˆ Š ˆˆ Š ƒžžˆ Š ƒ š Šƒ ƒ Žƒ ƒ ƒ Žƒ Ž ˆ ƒ Š ƒ ƒ ˆ Š ˆ šƒ Ž Š ƒžž ƒ ƒ ƒ ˆ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒžž ƒ ƒ ƒ ƒ Šƒ ƒ Š ƒ Žƒ ƒžƒ Ž Š Ž ƒ Š ƒ ˆ ƒ ƒ Ž ƒ ƒ Žƒ Š š ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Ž Žƒ Šƒ ˆ š ƒ ƒž ƒž ƒ Š ƒ Š š ƒ ƒž ƒ Ž ŽŽ Ž ƒ ƒ ƒ Š ƒž Š Š Š Š ƒ ƒ ƒ ƒ Š Š š Žƒ Ž Šƒ Š ƒ ƒž ƒ ƒ Žƒ Šƒ ƒ š ƒ ƒžž ˆ Š Š ƒ Š Š Š ƒžž Š ˆ ƒ ƒ ƒ ƒ ƒ ƒž ƒ ƒ ˆ Š Ž Š ƒ ƒ ˆ Š ƒ Š Š Š Š ƒ ƒ ƒ ƒ Š Šƒ Š šˆ ƒ Š Ž Š ƒ ƒ ƒ š ƒž ƒ Š Ž ˆ Š Š ƒ ˆ ƒ ˆˆ ƒ ƒ ƒž ƒ Š Ž Š ƒ ˆˆ ˆ Š Ž Š ƒ ƒž ƒ ƒ ˆ Š ƒ ƒž ƒ ˆ ƒ ƒ ƒ Ž Š Šƒ ƒ ˆ ƒ ˆƒ š ƒ ƒž ƒ ƒ ˆ š ƒ š ƒ Šƒ ƒ Ž ƒ ƒ ƒ ƒ Ž ƒ Š Š Š Š Šƒ ƒ ƒ Ž š Ž ƒ š Ž Š Š Ž ƒ Š Šƒ ˆ Ž ƒ ƒ d d t/k, / de
49 ƒ ƒ ƒ Š Š Š ƒ ƒ ƒ ƒ Š ˆ ƒ ƒž ƒ ƒ Ž ˆ ƒ ˆƒ š ƒ ƒ ƒž ƒ ˆ Ž ƒ ƒ Š ƒ š ƒž ƒ š ƒž ƒ š ƒž ƒ š ƒž ƒ ƒ ƒ ƒ š Ž ƒ š Ž ƒ Š ƒ Š ƒ ƒ ƒ ˆ ƒ Ž ƒ ƒ ƒ Ž Š ˆ Ž ƒ Ž ƒ Ž Š ƒž ƒ Š ƒž ƒ Žƒ Š ƒžž ƒž ƒ ƒž ƒ ƒ ƒ ƒž ƒ Š Ž ƒžƒ ƒž ƒ ƒ ˆƒ Ž ƒ ƒ ƒž Žƒ & de h deed ƒ ƒ ƒž Žƒ 22 Appendix Tables OLA.28 and OLA.29 provide the information on 1995 and 2011 for the EU compared to the US, Japan and China. Appendix Tables A.30 and A.31 show the RCA indicators for all sectors (including services) exports. de
50 ƒ Ž Š ˆˆ ˆ Š ƒ ƒ ƒž ƒ š Š ƒ ƒ š ˆ Š Š ƒ ƒ Šƒ ƒ ƒž ƒ ƒ ƒž Š Š ƒ ŽŽ ƒ ƒ ƒ ƒ ƒ ƒ Š ƒ Ž ƒ Ž ƒ Ž Ž ƒ Žƒ ƒ ƒž ƒ Š š ƒž Žƒ Š ƒ š Š Ž ƒ ƒ ƒ Š ˆ ˆ ƒ ƒž ƒ ˆ Š ƒ Ž ƒ ˆ ƒ ˆ ˆ Š ƒ ƒ ƒž Žƒ ƒ ƒž ƒ ƒ š ˆ ƒ Ž Š Š ˆˆ Š ˆˆ ˆ ƒ ˆ Šƒ Š Žƒ Š ƒ ƒ Š Žƒ ƒ ƒ Žƒ ˆ Š ƒ Žƒ Ž ƒˆ ƒ ƒž ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Š ƒ Ž ƒ ƒ Š ƒ Ž ƒ d Z hd ^ deed
51 ƒ Ž ˆˆ ˆ ˆ ƒ ˆƒ š ƒ ƒ ƒž ƒ ˆ ƒ ƒ ƒ ƒ š Ž ƒ š Ž ƒ Š ƒ Š ƒ ƒ ƒ ˆ ƒ Ž ƒ ƒ ƒ Ž Š ˆ Ž ƒ Ž ƒ Ž Š ƒž ƒ Š ƒž Š ƒ ƒžž Žƒ ƒž ƒ ƒž ƒ ƒ ƒ ƒž ƒ Š Ž ƒž ƒ ƒž ƒ ƒ ˆƒ Ž Ž ƒ š ƒ ƒ Šƒ ƒ ƒž ƒ ƒ ƒž Žƒ Š Š ƒ Š ƒ š ƒ ƒ ˆˆ š ƒ ƒ ƒž Žƒ
52 Š ƒ ƒ ƒ ˆ Š ˆ ƒž ƒ ˆ Š ƒž ƒ ƒ š Š Š ƒ Š ƒ ƒ ƒž ƒ ˆ ƒ ƒ Š ƒ Ž ƒ ƒž ƒ Šƒ ƒ š Ž ƒž ƒ ƒž ƒ ƒ Š ƒ ƒ Ž ƒ Žƒ Šƒ ˆ ˆ ƒž ƒ ƒžž š ƒ ˆ ƒž ƒ ƒ Š Š ˆ ƒ š ƒ ŽŽ ƒ Ž ƒ ƒ ƒžˆ ƒ ƒ ˆ Šƒ ƒ Žƒ Ž Š Š Š Š ƒ ˆƒ ƒ ƒ ƒž ƒžž Š ƒ ƒž ƒ š Ž ˆ ƒ ƒ Š ƒ ˆ ƒ Ž Šƒ š Ž Š Š š ƒ Šƒ Š ˆ ƒ ƒ ˆ ƒ ƒ Š ƒ ƒž ˆ ƒ ƒ ˆ ƒ ƒ Š Š ƒ ˆ ƒž ƒžž ƒ Š ˆ Š ˆ ƒž ƒ Š ƒ ˆˆ ƒž ƒž ƒ ƒ ƒ Š š ƒ Šƒ Žƒ Ž Šƒ ƒ ƒ š ƒ Ž Š ƒ ƒ ƒ ƒ ƒ ƒ ƒ Š ƒ ƒ Žƒ Ž ƒžž ƒ Š ƒ ƒ Š ˆ ƒ š Š Š ƒ ˆ š ƒž ˆ Šƒ ƒž ƒ Žƒ ƒ Ž ƒ
53 Š ˆ ƒ Šƒ Š šƒ ƒ ƒ ƒ ˆˆ ƒ ƒ Šƒ ƒ Šƒ ƒž ƒ Š Š Š ƒžž ƒ Š ƒžž ƒž ƒ ƒž ƒ ƒ Šƒ ƒ Š ˆ ˆ ƒ ƒž ƒž ƒ Š ƒ Šƒ Š ˆ ƒ Ž ƒ Žƒ ƒ Šƒ Ž Š Š ƒ ƒ ˆ Š ˆƒ ƒ Ž ƒ Šƒ š ƒ š ƒ Š Ž Š š ƒ Šƒ ƒ ƒ ƒ š ƒ ƒ Ž ƒ Ž ƒ Š Š ƒ š ƒ š ˆƒ ƒ ƒ ƒ ƒ Ž ƒ ƒ Šƒ Šƒ ƒ Š ƒ Š Ž ƒ š Žƒ Š ƒ ƒ ƒ ƒ Šƒ Š Ž ƒž ˆ ƒ ƒž ƒ Ž ƒ ˆ ƒ Š ˆ Ž ƒ Šƒ Š ƒ ƒž Š Ž ƒ ƒ Š Š ƒ ƒž ƒ ƒž š ˆ ƒ Ž š Ž ˆŽ ƒ ƒ Š ƒ Ž Š ƒ ƒžž ƒ Šƒ ƒ Šƒ š Šƒ ƒ Ž Šƒ Ž Ž ƒ ˆ ˆ ƒ Ž Š Šƒ Š Š Ž ƒž ƒ Š ƒ Ž ƒ ƒ Šƒ ƒ ŽŽƒ Ž Ž š Šƒ ƒ Ž Šƒ Ž Ž ƒ ˆ ˆ ƒ Ž Š Šƒ Š Š Ž ƒž ƒ Š ƒ ƒ Š Šƒ ˆ Š ƒ ƒ ƒ Š Š Ž Š ƒ Šƒ Š Š ƒ ƒ Š Š š Ž Ž ˆ Š ƒ ƒ Š Ž Žƒ ƒž Ž š Š ˆ Ž ƒ Šƒ ˆ Š Ž Š ƒ Ž ƒ Š ˆ ƒ ƒž ƒ Ž ˆ Š ƒ ƒˆ Š ƒ
54 Š š ˆ ƒ Š Š ƒ ƒ ˆ Š ˆ ƒ ƒž Š Žƒ ƒ ƒ Š Š Žƒ Š Šƒ ˆ Š Ž ƒžž Š ƒ ƒ ƒ ƒ Ž ˆŽ ˆ Ž ƒ Šƒ ƒžž š Ž ƒ Šƒ ˆ Š Ž ƒ Šƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ Ž ƒ ƒ ˆŽ Š ƒ ƒž Ž šƒ ƒ Š ƒ ƒ Šƒ ƒ Ž Š ƒ ƒ ƒ Šƒ ƒˆˆ Ž Š Ž ƒžƒ ƒžˆ ƒ ƒž Šƒ š ƒ š Š ƒ ˆ ˆ Š Žƒ Ž Š ˆ ƒ ˆ ƒ ƒ Ž Š š Š š ƒ ƒ ƒ Ž Ž Š ƒ ƒ ƒ ˆ ƒ ƒ ˆ Š ƒ ƒ ˆ ƒ š ˆ Š Žƒ ƒ ƒ ƒž ƒ ƒ ƒ Ž ƒ ƒ ˆ Š Š Ž ƒžž Ž ˆ š ƒ Ž ˆ ƒ ƒ Šƒ Š Š Š Šƒ Š Š Š ƒ Ž Š ˆ ƒ ƒž Ž ƒ ƒ Šƒ ƒ Š ƒ ƒ Ž Š Š ƒ Š ƒž ƒ ˆ Š Žƒ ˆ ƒ Šƒ Ž ƒ ƒ Š Š ƒ ƒ ƒ Ž ŠƒŽˆ ˆ Š Ž ƒ Ž ˆ ƒ ƒ Šƒ Š Š Š Šƒ Š Š Š
55 ƒ Šƒ Š Š Š ƒ Šƒ Š ˆ Š Ž Ž Š Šƒ Ž Ž Š Š ƒ Š ƒ ƒ Š ƒ ˆ Š Š Š Ž Šƒ ŠƒŽˆ Š ˆ Š Š Š Ž ˆ ƒ ƒ Šƒ Šƒ ƒ Š Š Ž ƒ Ž ƒ ƒžž Šƒ Š ƒ Š Ž ƒž ˆ Š Š ƒ ƒ Š ƒ Ž ƒ Š ƒ ƒ Šƒ Š ƒ Ž ˆ Š ƒ Š Š Žƒ Š ƒ ƒ ƒ ƒ Ž ƒ Š Ž Šƒ Ž Ž Š Ž ƒ ˆ ƒ Ž ƒž ƒ ƒ ƒ ƒ š ƒ ƒ ƒ ƒ š ˆˆ ˆˆ ƒ Ž ƒ Šƒ Ž ƒ Ž ƒ Šƒ Ž ƒžž ƒžž ƒ ˆ Š ƒ ˆ Š Š Š Žƒ Ž Žƒ Ž ƒ Š ƒ Š ƒˆ Š ƒˆ Š Š ƒ ˆ š ˆ ˆ Š š ˆ Ž ƒ ƒ Žƒ Ž Ž ƒž šƒ Ž Š Š Šƒ Ž ƒ ƒ ˆ ƒ Ž ˆ ƒ Š š Ž ƒ ƒ Š Ž ƒ ƒ ˆ ƒ Šƒ Šƒ ˆˆ ƒ Š Š Š Ž ƒ Š Š ƒž ƒ Š ƒ Ž Ž Š ˆ Žƒ ƒ ƒž ˆ ƒ ƒ Ž ˆ Š Ž ƒ ƒ ˆ ƒ Š ˆ Ž ƒ Šƒ Š ƒ ƒž ƒ ƒ ˆ ƒž ƒ Ž Š ˆ Š Ž ˆˆ Ž Šƒ ƒžƒ ƒ ˆ Š ƒ Ž Š œ ˆ Š ƒ Šƒ Š ˆ Šƒ Žƒ ˆ Š ƒž Š Š Žƒ Žƒ ˆ ƒ šƒ Ž Š ƒ ƒ ƒ Ž Š ˆ Š ƒ Šƒ ˆ ƒž ƒ ŠƒŽˆ Š Šƒ ƒ ƒ ƒ Šƒ Ž ˆ ƒž Ž ƒ Ž ƒ Š ˆ Š ƒ Š Ž ˆ Ž ƒ Šƒ ƒ Š ƒ Šƒ ƒ Ž ƒ Šƒ ƒ Š Žƒ Š ƒ ƒ ƒžž Šƒ ƒ ƒ Š Š ƒ Š Š ƒ ˆ Š Š ƒ ƒ Šƒ Ž ƒ ƒ ƒ Šƒ ŽŽ ƒ š Š ƒ Š Š Žƒ Ž Ž ƒ Šƒ ƒ Ž ƒž ƒ ƒ Š ƒ
56 ˆ ƒ ƒ Š Š Š Š Š Šƒ Ž Ž ˆ ƒ Š ˆ Š ƒ ƒ Ž ƒ Šƒ ƒ Š ˆ ƒ ˆ ƒ ˆ ƒž ˆ ˆ ƒ Š Š Š Žƒ ˆ ˆ ƒ Š ƒ ˆ ŽŽ Š Ž ˆ Ž ƒ Šƒ Š Ž ƒ Ž ƒ Žƒ ƒ ƒ Š ƒ Š ƒ Ž ˆ Ž ƒ Šƒ Š Ž ƒž ˆ š Ž ƒ ˆŽ Š Š Šƒ ˆ Š Ž ƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ de
57 ƒ Ž ˆ Ž ƒ Šƒ ƒ š Ž ƒ ˆŽ ƒ Š Š ƒž Šƒ ˆ Š Ž ƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ de
58 ƒ Ž ˆ Ž ƒ Šƒ ƒ ˆ š Ž ƒ ˆŽ ƒž Šƒ ˆ Š Ž ƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ ƒ Šƒ ˆ Š Ž ƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ de
59 ˆˆ Š ˆ Š ƒ ˆ ƒ Šƒ ƒ ƒ Ž ˆ Š ˆˆ š ƒ ƒ ƒ ƒ Š ˆˆ ˆ ƒ Š ƒ ƒž ˆ š ˆ Š ƒ ƒžž Šƒ ƒ Šƒ Šƒ ƒ š ˆ ƒ ƒ ŽŽ Š ƒ ƒ ƒ š Š Š Š Š Š Ž ƒž ƒ ŽŽƒ ƒ ƒžž ƒ ƒ ƒž ƒ Šƒ Ž ƒ Š ˆ Šƒ Š Š Š ˆ ƒ Š Ž ƒ Šƒ Š š ƒ ƒ Š ƒ ƒž ˆ š Š ƒ ƒ Š ƒ ƒ ƒ ƒ ˆ ƒ ˆˆ ƒ ƒžž ˆ ˆˆ ƒ Š ˆˆ ˆ Š ƒ ƒ ˆ Š Ž Ž Šƒ Šƒ Š ƒ Š ˆ ˆ Š Ž Žƒ ƒ ƒžˆˆ š Šƒ ƒ Ž Š Ž ˆ ˆ Š Žƒ ƒ Š Š ƒ Ž ƒ Š Š ƒ ƒ Š ƒ ƒ ƒž ƒ ƒ Š ƒˆ ƒ Œ ˆ ƒ Š ˆ ƒ ƒ ƒ ƒ ˆŽƒ ƒ Š Ž ˆ Š Š ƒ ƒ ˆ Š Š ƒ Ž ƒž ƒ ƒ ƒ Š ƒž ƒž ˆ ˆ Š Š Š Š ƒ ƒ ƒ Žƒ ƒ ƒ Š Žƒ ƒž ƒžƒ Ž ƒž ƒž ƒ ƒ Š ƒ ˆ ƒž ƒˆˆ ƒ ƒ ƒ ƒ Žƒ Š ƒ œ ƒ Š Š ƒ Ž ƒ Š ˆ Š Š ƒ Ž ˆ œ Šƒ ƒ ƒžž Š ƒ ƒžž ˆ Š Ž ƒ Žƒ Š Šƒ ƒ Šƒ Šƒ ƒž š Šƒ ƒ ƒ ƒ ƒ ˆƒ ˆ Š ƒ š Žƒ ƒ ˆ Šƒ Š Ž ƒ Šƒ ˆ š šƒ Ž Š ƒž Š ƒž ƒ ƒ ˆ ƒž š Šƒ ƒ ƒ ƒ ƒ ƒ š ƒ ƒ Šƒ ƒ Ž ƒ Š ƒž ƒž š Šƒ ƒ Šƒ ˆƒ ƒ Ž Š Ž d h^ d e d e d d d d de
60 Š Š ƒ Šƒ Ž ƒ Ž ƒ ƒ ˆ Š Ž ƒ Š ƒ Š ƒ Žƒ Š Š Š Šƒ ƒ Šƒ ƒ ƒ Š ƒ ƒžž Š Šƒ ƒ Šƒ ƒ ƒ ƒ Š Š ˆˆ ƒ ƒ Š ˆƒ Šƒ Š ƒ Šƒ Ž Šƒ ƒ Šƒ Ž Šƒ ƒ Š ƒ Š ƒ ƒž ˆ Š ƒ ˆ Šƒ Šƒ Ž ˆƒ ƒ Ž ƒ ˆ Š ƒ & de d Z hde ld Real effective exchange rates Austria Belgium Finland France Germany Greece Ireland Italy Netherlands Portugal Spain United Kingdom year Graphs by Country Name ƒ ƒ ƒ ˆ ƒ š Š Š ƒ ˆƒ Šƒ Ž Ž Ž ƒ ƒ Š Š ˆ Šƒ ƒ ƒ Š ƒž ƒ Š ƒ ƒ Šƒ ƒ ƒž ƒž ˆ Š Ž ƒ ƒ ƒ ƒ ˆ Š Š ˆ ƒ ƒ ˆˆ ƒ Š ƒ Š Šƒ Š ƒ ƒžƒž ƒ ˆ Š ƒ ƒ ed
61 ƒ ƒ ƒ Š ƒ Š Š Š Ž Ž ˆ ƒ ƒ ˆ ƒ ƒ ƒ ƒ ƒ ƒ ˆ ˆ Š ƒ ƒž ƒ ƒ Ž ˆ ƒ Š ƒ ƒ ƒ Šƒ Šƒ ƒ ƒ Š ˆƒ ƒž Šƒ Š ƒ Ž ƒ Š Ž ƒ Š ˆ ƒ Žƒ ƒ ƒž ƒ Š ƒ ƒ š Š ƒ ƒž ƒ ˆŽ ˆ ƒ Ž ƒ ƒ ƒ ƒ ƒž Š ƒ Š ƒ ˆ ƒ ƒ ƒ ƒ ˆŽ ƒ Š Š Ž Ž ˆ ƒ ƒ Š ˆ Ž Š Ž ˆ ƒ ˆƒŽŽ Š ˆ Š ƒ ƒ ƒ Ž ƒ Š Šƒ ˆ Ž ƒž ƒ Š Š ˆ Šƒ ƒ ƒž š Š ƒ ƒƒ ƒ Š Ž Ž ˆ Š Žƒ ˆ ƒ Š ƒ ˆ Š Šƒ Ž ƒž ƒ ƒ ƒž Š Š Š ƒ ƒ ƒ ƒ ƒ Š ƒ ƒ Ž ˆ š ˆ ƒ ƒ ƒ ƒ ƒ ƒ š Ž ˆ Š ƒ ƒž ƒ Ž Žƒ Š ˆ Ž ƒž ƒ Šƒ Ž ˆ Š ƒ ƒ ƒ ƒ ƒžž ˆ ƒ Š ˆ ƒ ƒž Ž Š Žƒ Ž Š ƒ Ž ƒ Ž ƒ Ž Ž ƒ š ƒ ƒ Šƒ Š š ƒž ƒ Šƒ Š ˆ Ž ƒ Ž Š ƒ Šƒ Š š Šƒ ˆ Š Ž ƒž ƒ ˆ Š ˆ Š Š ˆ š Š Ž Ž ƒ Š Š ƒ Š ƒ ƒž ˆˆ ƒ Š Ž ˆ Š š Žƒ Ž Š ˆƒ ƒ Ž ƒ Š ƒ ˆ ƒ š ƒ š Ž Š ƒ ƒ ƒ ƒ Š ƒ ƒ ƒ ƒž Ž Š ƒžž ˆ Š Š Ž ˆ Š š Žƒ Ž Š ˆƒ ƒ Ž ƒ Š ƒ ˆ ƒ š ƒ š ƒ Š Ž Ž ƒ Šƒ Š Š Š ƒ Ž Š Ž ˆƒ ƒ Š d d h de d d l h de dl d ll d de dl d / d ld dl d h ed
62 Š ƒ Ž ƒ Ž Š Š ƒ Šƒ Ž Š ˆ Š Š ƒ Š ƒž ƒ ƒž ˆ Š š Š ƒ ƒž ˆˆ Š ƒ ƒ ƒžž ƒ Š š ˆ Š Š Ž ƒ ˆ Š Š ƒ ƒ ƒ ƒœ Ž Š Ž ƒž ƒ Šƒ Š ƒ š ˆ ƒ ƒ ƒž Š Ž Ž ƒ Šƒ Š Š Š ƒ Ž Š Ž ˆ ƒ ƒ Š Š ƒž ˆ š Šƒ ƒ Žƒ Ž Ž ƒ Š ˆ ƒ ˆ ƒ Š Ž ƒž š ƒ ƒ ƒž Š Š Šƒ ƒž ˆ Ž ƒ ƒžž ƒžƒ ƒž š Š ˆ Šƒ ƒ ƒž Ž Ž ƒž ˆˆ ƒ ƒ Š ˆ ƒ Š ƒ ˆ ƒ Š ƒ ƒ ƒ ƒž ˆ Š ƒ ˆ ƒž ƒ ˆŽ ƒ Š š ƒ Ž Ž ƒ ƒ Š š Š ˆ ƒ Š ƒž š ƒ ˆ š Šƒ Š ƒ ƒ ƒ Š ˆ ƒ ˆˆ ƒ Ž Ž ƒ ƒ ƒ ˆ Š ƒ ˆ ƒ Š š ƒžž ƒ Š ˆ š Š ƒ ƒ ˆ Šƒ ƒ Šƒ ƒ Š Ž ƒž ƒ Š ƒ Š Š ˆ ƒ Šƒ Š ƒ ƒ ƒ Ž Ž ƒ ˆ Š Š ƒ ˆ Š Š Ž ƒ Šƒ ˆ š ƒ ƒ ˆ Š š ƒ ƒ ˆŽ Ž Š ƒ Š ƒ ƒž ˆ š ƒžž š ƒ ƒ ˆ Š ƒž ƒ Šƒ š ˆŽ Š ƒ Šƒ Šƒ ˆ Š Ž ƒž ƒ Šƒ ƒ ƒ Š ƒ Š ƒ ƒž š Š Š ƒ Ž ŽŽƒ ƒ ƒ ƒžž Ž ƒž Š ˆ ƒ Š Ž Šƒ š ƒ ƒ ƒž ƒ Š ƒ ƒž ˆˆ ƒ ƒ ƒ ƒ ˆƒŽŽ ƒ ƒ ƒž ƒ ˆ š ˆˆ Š Š š Š ˆ Š ˆŽ Ž Š ƒž š ƒž ƒ Œ šƒ Ž ƒ š ˆŠ Š Š ƒ Š Ž Š ƒ ˆ Š ƒ š ˆ ƒ Š Ž ƒ ƒ Š ƒ ƒ ƒ ƒ Ž ˆ ƒ Š Ž ˆ ˆ Žƒ Ž Š ƒ Ž Ž ƒ Š Šƒ Š ƒ Ž ƒ Šƒ ˆ Š Š Š ˆ ˆˆ ƒ Š Š ƒ Šƒ ƒ ƒž ƒ Š Ž š ƒ š Žƒ Ž Š ƒ Š Š ƒ Šƒ ƒ š Ž ƒ Šƒ Š ˆ ˆ ƒ ƒž Š Š ˆ ˆ ƒ Š ˆ ˆ ƒž ƒ Š Š ƒ ƒ Š ˆ Š ˆˆ ˆˆ Š Šƒ ƒ ƒ Šƒ ˆ Š Š Š ed
63 ƒ Ž Š ˆ Šƒ ˆ Š Š ƒ ˆ Ž ƒ Šƒ ƒžž ƒ Šƒ Š ˆ Šƒ š Šƒ Š š ƒ Š ƒž Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ˆ Šƒ š Šƒ Š š ƒ Š ƒž Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ ŽŽˆ ƒ ƒ ˆ Š ƒž ƒ Šƒ ed
64 Š ˆ ƒž ƒ ˆƒ ƒ š ˆ ƒ ˆˆ ƒ ˆ Š Ž ˆ Š ˆƒ š Žƒ Š Šƒ Ž ƒ Šƒ ˆ Š Š Š ƒ ƒ Š Š ƒ ƒ ƒ Ž Š Š ƒ ˆ ƒ Š ƒ Ž Ž Ž ˆ Š Žƒ ˆ ƒ š ƒ Ž ˆ Š ƒ ˆ ƒž ƒ Ž ƒ ˆ ƒ Š š Š ˆ ƒ ƒ Ž Š ƒ ˆ Š Š Š š ƒ Žƒ Šƒ Š Ž ƒ Šƒ Š ƒ Š Ž ƒ Šƒ ƒ Š Ž ˆ ƒž ƒž ƒ ˆ ƒ Šƒ ƒ Ž Ž ƒž ƒ ƒ Š ƒ ˆ ƒ Š ƒ ˆ Š ˆƒ ƒ Ž ƒž ˆ ƒ š Ž ƒ Ž Š ƒ ˆ Š Š ƒ Š Š Š Š Šƒ ƒ ƒš ŠŠ ˆ Ž ƒ ƒ ƒ Ž ƒ ƒž ƒ ˆ ƒ ƒ ˆŽ ƒ Š Šƒ Š Š Ž ƒžž Ž Š Š Ž ƒ Ž ƒž Š Š ƒ ƒž Š ƒ ˆ Š ˆ ƒ ƒ Ž ƒ Š Žƒ š ƒ Ž ƒ ƒ Ž ƒ Š ƒ Ž ˆ Š Š ƒ ˆ Š ƒ Ž ƒ ƒ Ž Š Ž Žƒ ƒ ˆˆ Š Ž ˆ Ž ƒžš Š ƒž ƒ Žƒ ƒ Ž Š ˆ ƒ ƒž Š Žƒ Š ƒ ƒ ƒ ƒ Ž ˆ ƒž Š Ž Š Ž ƒž ˆˆ ƒ Šƒ Š ƒ ƒ Ž Š ƒ Šƒ Š ˆ Š Š Š Š ƒ Ž ƒ ƒ ƒ Ž ˆ Š ƒ Š Š Ž ƒž Ž ˆ Š ƒ Ž ƒ ƒ ƒ Š ˆ Š Ž ƒ ƒž ˆ ƒ š Š ˆ Š Š ˆ ƒ ƒ Ž š ƒ ƒ Ž ˆ š ˆ Š š Š ƒ ˆ ƒ ƒ ˆ Š Ž Š Š ƒ ƒ ƒ Ž Š Š ƒ ƒ Ž ˆ Š ƒ Šƒ Š Š Š ƒ ƒ Ž ƒ ˆ Š ƒ Ž Ž ƒ ƒžž Š ƒ ƒ ƒ ƒ ƒ Ž ƒžž ŽŽ œƒ Ž Š ƒ ˆ Š Š ƒž ƒ de e ed
65 ƒ ˆ Š ƒ Š Ž ƒ š Š ƒž ˆˆ ƒžˆ Š ƒ ƒ Š ˆ ƒ ƒ ƒ ƒžƒ Š Š ƒž Ž ƒ Žƒ Š ˆ ƒ Š ƒ ˆ ƒ Šƒ Ž Š Š Šƒ ˆ Š Ž ƒž ƒ Ž Šƒ Žƒ Šƒ Š ƒž ˆ ƒ š Ž ŽŽ ƒ ƒ Ž ƒ ƒ Šƒ ƒ ƒ š Ž ƒ Š ˆƒ ƒ ƒ Ž Š Š ƒ ƒ ƒ Ž Š Š ƒ ƒ Ž ˆ Š ƒ Šƒ Š Š Š ƒ ƒ Ž ƒ ˆ Š ƒ Ž Ž ƒ ƒžž Š ƒ Š ƒ ƒ ƒ Š š ƒž š Š Š Š Š ƒ ƒ ƒ ƒž Š Š Š š ƒ Ž ƒ Š ƒ Š ƒ Ž Ž ƒ Š Š Šƒ Š ˆ Ž ƒ ƒ Šƒ Š ƒ Ž Š ƒž ƒ ƒ Š ƒ ˆ š ˆ ˆ ƒ ˆˆ Š Ž ƒ Šƒ ƒ ˆƒ ˆ Ž š ˆ ƒ Š Ž Š ƒ ˆ Š Š Š ƒ Ž ˆ Žƒ ƒ ed
66 ƒ Ž Š ˆ Šƒ ˆ Š Š ƒ ˆ Ž ƒ Šƒ Š Š Š ƒ Šƒ Š ˆ Šƒ š Šƒ Š š ƒ Š ƒž Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ˆ Šƒ š Šƒ Š š ƒ Š ƒž Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ ŽŽˆ ƒ ƒ ˆ Š ƒž ƒ Šƒ ee
67 ƒ Ž Š ˆ Šƒ ˆ Š Š ƒ ˆ Ž ƒ Šƒ Š Š ƒž ƒ Š ˆ Šƒ š Šƒ Š š ƒ Š ƒž Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ˆ Šƒ š Šƒ Š š ƒ Š ƒž Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ ŽŽˆ ƒ ƒ ˆ Š ƒž ƒ Šƒ ee
68 Ž Š Š Šƒ Šƒ ƒ Š ƒ Š Šƒ ƒ ƒ ŽŽ ƒ Š ƒ š ƒ Šƒ Šƒ Ž Š ƒ ƒžž ƒ Š ƒ ƒ ƒ Š Žƒ ƒ ƒ ƒ Š Šƒ ˆ Ž ƒ Š ƒ Ž ƒž ƒž Š Š Šƒ ƒ Š ƒ Š š ƒž ƒ ˆ ƒ ˆ Š Š Š ˆ ƒ ˆ Š ƒž ˆ Š ƒ Œ ˆ ƒ ˆ ƒ Šƒ ˆƒ ˆˆ ƒ ˆ ˆƒ Žƒ Š ƒž ƒ Šƒ Šƒ Ž ƒ ƒžž Ž Œ Š ƒ ƒ ƒ ƒ ƒ Šƒ Ž Šƒ Š Ž ƒ Š Š ƒ Ž ƒ Ž ƒ Žƒ ƒ Š ƒ Ž Žƒ ƒž ƒ Šƒ Š ˆ ƒ ˆ ƒž Ž ƒ ƒž ƒˆˆ Š Š ˆ ƒ Š Š Ž ˆ Ž ƒ Šƒ ƒ ƒ Š ƒ Ž ƒ Šƒ ƒ ŽŽ ƒ š Š ƒ ƒ ƒˆˆ Š ƒ ƒž Žƒ š ƒž Ž ˆ ƒ Šƒ Š ƒ ƒ ƒ Š Ž ƒ ƒ ƒ ƒžž ƒ ƒ ƒ Š Š Š Š Šƒ Ž Š ˆ Š ƒ ƒ ƒ ƒž ƒ ƒ Ž Šƒ ˆ Š ƒ Šƒ ƒ Š Š Š Š ƒ Žƒ ƒ š Ž ˆ Š ˆ ƒ ˆ Žƒ ƒ Š ˆˆ Ž ˆƒ ƒ ˆ ŽŽ Š Š Š Šƒ ƒ Ž Š ˆ ƒ ƒ ŽŽ ƒ ƒ ƒ ˆˆ ƒ Š ˆ Š Ž ƒžžˆ ƒ ƒ ee
69 ˆ ˆˆ Š ƒ Ž ˆ Š ƒ ƒ Š ƒ Š Ž ˆ ƒ Š ƒž Š ƒ ƒ ± ƒ ƒ ƒ ƒ ˆ ƒ ƒ ± ƒ Ž ƒ ƒž ƒ ƒ ƒ ƒ Š Š Ž ƒ Š ƒž ƒ ƒ Š ƒ Š ˆ Š ƒžžƒ ƒž ƒ Š ˆ ƒ ƒž ˆ ƒ ƒž ƒžžƒ Š ƒ ˆˆ ƒž Š ƒ Ž ƒž ˆ Ž Š Š ƒ ƒ Š ˆ ƒž ƒž ƒ Ž ƒ ƒž ˆ ƒ ƒž Šƒ Ž ƒž Š Ž ƒ Š ˆ ƒž Žƒ ˆ ƒ ƒ ƒ Š ƒ ƒž Ž ƒž Šƒ ƒ ˆ Š ˆ ƒž ƒ š ƒ ƒ ƒ Š ƒ ƒž ƒ Š ƒž ƒ ƒ Ž ƒ Š ƒ ˆ ƒž ƒ ƒ š Š Ž ƒ ƒ œƒ ƒ ee
70 š Š ƒ ƒ ƒ Š ƒ ƒ ƒ ƒ ƒž ƒ ƒž ƒ ƒ Ž Ž ƒ ƒ Ž Š ƒ Š Ž Žƒ ƒžˆž ƒ Š Žƒ ˆ ƒ Ž Ž ƒ ƒ Š ƒ ƒ ƒ ŽŽƒ ƒž ƒž ƒ ˆ ƒžž ƒ ƒž ƒ ˆŽ ˆ ƒ ƒ ƒ ƒ ˆ ƒ Š Š ƒ ƒ ƒ ˆ Š ƒ š ƒ ˆ ƒ Ž ƒ ƒ ƒ ˆŽ ˆ ƒ Š ƒ ƒ š ˆ Œƒ ƒž ˆŒˆ Š Ž ƒ ˆ ˆŽ ˆ ˆ Š ƒž ƒ ƒ ƒ Ž ƒ ƒ ˆ Š Ž ƒ Ž ˆ ƒ š ƒ ƒ ƒ Ž ƒ ˆ Žƒ ƒž Š ƒ ƒ Žƒ Ž ˆ ƒž ƒ Ž Žƒ ˆ ˆŽ ƒ ƒ Š ƒ ƒž š ƒ ƒ Žƒ Ž ƒ Š ˆ ƒ Žƒ ƒ Š ƒ Š Š Ž ƒ ƒ ƒ Š ƒ ƒ ˆ Š ƒ ƒž ƒ ˆ Š Ž ƒ ƒ ƒ Š Š ƒ ƒ ƒ Žƒ Ž Ž ƒ ƒ Ž Š ˆ ˆ Š Š ƒ ƒ Š ƒ ƒ ƒ ƒž Ž ƒ ƒ ƒ ƒ Ž ˆ ƒ ˆ ƒž ƒ ƒœ Ž ƒ ƒ ƒ Š ƒ ƒ ƒ ƒ ƒ ƒ š ƒ ƒ ƒ ƒ ˆ Š Ž ˆ ƒ Ž Š ƒ ˆ ƒ ƒž ƒ ƒ ƒž Ž ƒ ƒ Ž ƒ ƒ Ž ƒ ƒ ƒ ƒ ˆ ƒ ˆ ƒ ƒ ƒƒ Ž ŽƒŽŽ ƒž ƒ Ž ƒ ƒžƒ Žƒ Š ƒ ƒ ƒ ƒ ˆ Š ŠŠƒ ˆˆ ƒžž ƒ Š Ž ƒ Ž ƒ ƒ ƒ ˆ Ž ˆ Š Ž ƒ Š ƒ ƒ Ž š Ž ƒ ƒž ˆ ƒž ƒ ƒ ƒ ƒž Ž ˆ ˆ ƒž ƒ ƒ Š Ž ˆ Š Ž ƒ Ž Ž ƒ Š ƒ Ž ƒžž ƒ ˆ ƒ ˆ Š ƒž ƒ ˆ Š ƒ ƒ Š Ž Ž ˆ Ž ƒ Š Šƒ ƒ ˆ ˆ ƒ Š ˆ ˆ ƒž Š ƒ ƒ ˆ š ƒ ƒž ˆ ƒ Š Š œ ƒž Š Šƒ ƒ Š ƒ Š ƒ ed
71 ˆ ƒž ƒ ˆ ƒ ˆ ƒž Š ƒž ˆ Š ƒ ˆ ƒ Š š ƒž Žƒ ƒ ² ± ƒ š± Š ˆˆ ƒ š ˆ ƒ ˆ ˆ Ž ² ± Š Ž ƒž ˆ Š œ ˆ Š ƒ Š Š ˆ ƒ Š ˆ ƒ Š ƒž ƒ ˆ š Š Ž Ž Šƒ ƒ ƒž ƒ ˆ ˆˆ ˆ ƒ œ Š ƒ Š ˆ Š ƒž ƒ š Š ˆˆ ˆ Š œ Žƒ Ž Ž Ž ƒ ˆ Š š Š Š Ž š ƒ œ Š Š ƒ ƒ Š ˆ ƒ ƒ Ž ˆ Š ƒ Ž Ž ˆ Š ƒ Ž Ž ˆ Ž ƒ Ž ƒ ƒž ˆ ˆ ˆ ƒ ƒ ƒ ˆ ˆ ˆ ƒ ƒ ƒ ˆ ˆ ˆ ƒ ƒ ƒ ƒž ƒ ed
72 Žƒ ˆ ƒ Š ƒ Ž Žƒ ˆ ƒ ƒ ƒ ƒ Š Ž ƒž ƒ ƒ ƒ Š Ž š Ž ƒ š Ž Š Ž ƒ Š ƒ ƒ Š Ž ƒ ˆ ƒ Š Ž Ž ƒ ƒ Ž Š Š Ž ˆ Ž ƒ Ž ƒ Ž Ž Š Ž Š ƒž ƒ Š ƒž Š Šƒ Š Š Š Ž ƒ Žƒ Ž Š Ž Š ƒžž ƒž Ž Š Ž ƒ ƒž ƒ ƒ ƒ ƒž Ž Š Ž ƒ Š Š Šƒ Š Š Š Ž Ž ƒžƒ ƒž Š Šƒ Š Š Š Ž ƒ Š Šƒ Š Š Š Ž ƒ ˆƒ Ž Š Ž Š ƒ Š Š Š Ž Ž Š Ž Š Š Žƒ ˆ ƒ Ž Š Ž ƒ ƒ Žƒ ˆ ƒ Šƒ ƒ ƒž ƒ ˆ ƒ Š Š Š ƒ Š ƒž š Ž Šƒ ƒ ƒž ƒ Š Š Š Š Š ƒ Ž Š Š Šƒ Š Š Š Ž Š Šƒ Š Š Š Ž Šƒ ƒ Š Š Š ƒ ƒ ƒ ƒ ƒ ed
73 ƒ Ž Š Žƒ ˆ ƒ ˆ Š Š Ž ƒž Š Š Ž ƒ Šƒ ƒ ƒž ˆˆ ƒ Š Ž ƒ ˆ Š Š Š Ž Ž ƒž ƒ Š Š Ž Š ƒž š Ž Šƒ ƒ ƒž š Ž Š ƒ ƒ Ž ƒž ƒ Š Ž Š Ž ˆ Ž ƒ Ž ƒ ˆ Ž ƒ Žƒ ƒžž ƒž Š Ž ƒ ƒž ƒ ƒ ƒž Š Ž Š ƒ ˆƒ ƒ Ž ƒ Ž ƒ ƒ Ž Š ƒ ƒ ƒ ƒ ƒ š Ž ƒ Ž Š ƒ ƒ ƒ ƒ Š Ž ƒ š Žƒ ˆ ƒ ƒ Ž ƒž Š Ž ƒž ƒ ƒ ƒ Ž Ž ed
74 ƒ Ž Š Žƒ ˆ ƒ ˆ Š ƒ ƒ ƒ ƒ ƒ ƒ ƒ Ž ˆ ƒ ƒ Ž ˆ Š Š Ž Š ƒ Ž ˆ Š ƒ Ž ˆ Š Š Ž ƒž Ž Ž Š ˆ ƒ ƒ Š Ž ƒ Ž ƒ ƒ ƒ Š Š Š Š ƒ ƒž š ƒ ƒ ƒ ƒ ƒ Š ˆ Š ƒ ƒž š ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ Š ˆ Š ƒ ƒ Š Š Š ƒž Š ƒž ƒ ƒ ƒ ƒ Ž Š ˆ Š ƒ Ž Š ƒ Ž Š ƒ Ž Ž Š ˆ ˆ Š ƒ ƒ ed
75 ƒ Ž Š Žƒ ˆ ƒ ˆ Ž ƒ Š ƒ ƒ ƒ ƒ ƒ š Ž ƒ š Ž ƒ Š ƒ Š ƒ ƒ ƒ ˆ ƒ Ž ƒ ƒ ƒ Ž Š ˆ Ž ƒ Ž ƒ Ž Š ƒž ƒ Š ƒž ƒ Žƒ Š ƒžž ƒž ƒ ƒž ƒ ƒ ƒ ƒž ƒ Š Ž ƒžƒ ƒž ƒ ƒ ˆƒ Ž Ž ƒ ƒ ƒ Ž ƒž ƒ ƒ ƒ ƒ ˆ Š Ž ƒ Ž ƒ ŽƒŽ ˆ Ž Š Ž ƒž ƒ ƒ ƒ š ˆ Š Ž ƒ Ž ƒ Ž ƒ š ˆ Š Ž ƒ Ž ƒ ˆ Š Ž Ž ƒ ƒ ƒ Š Žƒ ƒ Š ƒ ƒ Š ƒ Š ƒ š Ž ƒ ƒ ˆ ƒ Ž ƒ Ž ƒ ƒ ƒž ƒ ƒž ƒ ˆ ƒ Š Ž ƒ ˆ Ž ƒž ƒ ƒž Šƒ ƒž Š ƒžƒ ƒž ƒ Š Ž Š Ž ed
76 Š ˆ ƒ ˆ š š ƒ ƒž Š Ž Ž ˆ ˆ ƒ ˆ Ž ƒž ƒ Ž Ž ƒ Š ˆ ƒž š ƒžž ƒ Š Ž Ž ˆ ƒ Š ˆ Š ƒ Š ƒž ˆ ƒž š ˆ ˆ ƒ ˆ Ž ƒ ƒ š ƒ š Šƒ Š ˆ ŽŽ ˆ Žƒ» Š» Š Šƒ Ž ƒž ƒ ˆ š ˆ Š Ž ƒ Š š ƒ ˆ ˆ ƒ ƒ ŠƒŽƒ ˆ ƒž œ ƒžž ƒ ƒ ƒ ƒ Ž ƒ ƒ ƒ Ž ˆ Š ˆ ƒ ƒž Ž œ ƒ ƒ ˆ Ž ƒ ƒ ˆ ƒ Š Ž ƒ š ƒž ƒ ƒ Š ˆŽ ƒ Š ŠŽ ƒ ƒ Š ˆ ƒšž š ƒ ƒ Š ƒ ˆ Š Ž š Š Ž ƒ ƒ Š ƒ ƒ Š ƒœ ˆ ˆ Š ˆ ƒšž š ˆ ƒ ƒ ˆ ƒ Šƒ Š Žƒ Žƒ Žƒ Š Ž ƒž ƒ š Š ˆ ƒž š ˆ Š Ž Ž ˆ ƒ ˆ š» Š š Š š ƒ Š ƒ ƒ š Šƒ Žƒ š ƒ Š Š ƒ ˆ Š Š ƒ ƒžž ˆ ƒ š Ž Š Ž Ž ˆ ƒ ˆ ƒ ƒ ƒ ˆ Š ƒ ƒ ƒžž Š ƒž ˆ Š ˆ ƒž š Žƒ Š ƒ ƒ š ƒ Š ƒ Šƒ Ž Ž ƒ ˆ Šƒ š ˆ ƒ ƒ Š Š Š ƒž ˆ Š ˆ ƒž šˆ ƒ ƒ ƒž ƒ ƒ Šƒ Š ƒ Žƒ Ž Š ƒ Ž ˆ ƒ Š ƒ Š ˆ ƒ ˆ ƒ ƒ š ƒ Ž Š ˆ Š ŽŽ ŽŽ Š Š Ž Ž ˆ Š ˆ Š Š ƒ ƒž ƒ ƒ ˆ Š ˆ Š ƒ Š ƒ ˆ Š š ƒž Š Š Š ƒ Žƒ Š ˆ Š Š Ž ƒ ˆ Š ˆ Š Šƒ Š ˆ ƒ ˆ ee
77 ƒ ƒ Š Š Š ˆ ƒ ˆ ƒ ƒ Š Š ˆ ƒ š ƒ Š Š Ž ƒ Šƒ Ž ƒ ƒž ƒ Š ƒ Š ˆ ƒ ˆ ƒ š ƒ & The Herfindal index: export diversification across partners EU27 North America USA Latin-Central America Brazil Rest of Europe Russia Mile East and Africa Asia Japan China India ASEAN South Korea The Herfindal index: import diversification across partners EU27 North America USA Latin-Central America Brazil Rest of Europe Russia Mile East and Africa Asia Japan China India ASEAN South Korea Š ƒž Žƒ ƒ ƒ ee
78 Š ˆ ƒ ˆ Ž Ž š ƒ ƒ Žƒ ˆˆ Š ƒ ˆ Š šƒ ƒ ƒ ƒ š ƒ Š ƒ ƒž ƒ ƒž ˆŽ Ž Š ƒž ˆ ƒ ˆ š Š Ž ˆ ƒž šˆ Š ƒ Š ƒ Š Š Žƒ ƒž ˆ ƒ Š Ž ƒ ƒ ˆ ƒ Š Š Š Ž Ž ˆ ˆ ƒ ƒ ƒ ƒ š ˆŽ Š ƒž ƒ ˆ Š ƒ ƒ ˆ ƒ ƒƒ Š Žˆ š ƒ ƒ ƒ ƒžž ˆ ƒ Ž ƒž Ž Š Š ƒ ƒ ƒ ƒ ˆ š ƒ Š ƒ Š Žƒ ˆ Š Ž Ž ˆ ˆ ƒ ƒ Š ƒ ƒ Ž Ž ƒ Ž Š ˆ ƒ ˆ ƒ š ƒ Š Š ƒ ˆ ˆ ƒ ƒ ˆ ƒ Žƒ ˆ ƒžž ƒš ŠŽ Ž ˆ ƒ ƒ š ƒ ƒ ˆ ƒ Š ƒž ƒ Š ƒ ƒ ƒ ˆ Šƒ š ƒ ˆ ƒ Š Ž ƒž ƒ Ž ƒ Ž š ƒž Š ƒ Š ˆ š ƒ ƒ Ž Ž ƒ Ž ƒ Œ ƒžƒ ƒž Š Š Š š ƒžž Š Š Š ˆŠ ƒ ƒ ƒ Šƒ ƒ Ž d ƒ Š ˆƒ Šƒ Š š ƒ ƒ ˆ ƒ ƒ Žƒ ˆ ƒ ƒ Š ƒ Ž ˆ ƒ ˆ š Š Š ˆ ƒž š ŽŽ ŽŽ ˆ ŽŽ ˆ ƒž š ˆ Šƒ ƒ Š Š ƒ Š Š ƒ ˆ ƒƒ Š Ž ƒ ƒ ˆ ƒ Ž Š Š Š ƒ Ž š ƒ ƒ ƒž ƒ ˆ Š š ƒ Ž ƒ ƒ ƒ Š Š Š Ž ƒž ƒ ˆ ƒ ƒ ˆ Š ˆŽ ƒž ˆˆ ƒ Ž d Šƒ ƒžž Š ˆ Š Š Ž ƒ ƒ ƒ ƒž ƒ Š Š Šƒ Šƒ ƒž Ž ƒ Š ˆ ƒ ˆ Š š Ž Š Š Žƒ ƒ Ž ƒˆˆ Š ˆ ƒ ƒž ƒ ƒ Š ˆ Š Š Š ˆ ƒž š ƒ ƒ ƒ ˆ Š ƒ Š Š Žƒ ƒ ƒž ˆˆ ˆ ƒ Ž ee
79 & The Herfindal index: export diversification across sectors EU27 North America USA Latin-Central America Brazil Rest of Europe Russia Mile East and Africa Asia Japan China India ASEAN South Korea The Herfindal index: import diversification across sectors EU27 North America USA Latin-Central America Brazil Rest of Europe Russia Mile East and Africa Asia Japan China India ASEAN South Korea Š ƒž Žƒ ƒ ƒ ee
80 Š ˆ Šƒ ƒ ƒž ƒ ƒ Ž ˆ Ž ƒ Šƒ Š Ž ƒž ˆ š Ž ƒ ˆŽ Ž Š Š Š Šƒ ˆ Š Ž ƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Ž Ž Š Šƒ ˆ Š Ž ƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ ed
81 Š Šƒ ˆ Š Ž ƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ Š ƒž Žƒ ƒ ƒ ed
82 ƒ Ž ˆ Ž ƒ Šƒ ƒž ƒž ƒ ˆ š Ž ƒ ˆŽ ƒ Ž ƒž ƒž Šƒ ˆ Š Ž ƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ ƒ Ž ƒž ƒž Šƒ ˆ Š Ž ƒ Šƒ Š ƒ ƒ ƒž ƒ ƒœ Ž ˆ ƒ Ž ƒ ƒ ˆ ƒ ƒ ƒ ƒ Š ƒ ƒ Š ƒ ed
posted online on 4 June 2014 as doi: /jeb
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AREA TOTALS OECD Composite Leading Indicators. OECD Total. OECD + Major 6 Non Member Countries. Major Five Asia. Major Seven.
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