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Enterprise Productivity
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Enterprise Productivity

A Three-Speed Europe

Andrea Dall’ Olio, Mariana Iootty, Naoto Kanehira and Federica Saliola
ECB, 2014
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Editorial Rating

7

Qualities

  • Analytical
  • Scientific
  • Overview

Recommendation

European Union nations fall into three distinct economic groups, according to economists Andrea Dall’Olio, Mariana Iootty, Naoto Kanehira and Federica Saliola of the European Central Bank. The superstars are fast growers such as the Czech Republic, Poland and Romania – the newer EU entrants that have only recently joined the global economy. In the middle tier are the stalwarts like slow-and-steady Germany, France and the United Kingdom. Bringing up the rear are Greece, Italy, Portugal and Spain. The European Union’s struggles remain a timely and riveting topic, but the writing here is dense and scholarly; don’t expect an easy read. Nonetheless, getAbstract recommends this authoritative report to investors, executives and policy makers.

Take-Aways

  • European Union nations form three tiers of economic growth: 1) The recent and rapidly developing EU members that represent the “New Europe”; 2) the slow-and-steady “Old Europe” countries in the North; and 3) their lagging counterparts in the South.
  • In New Europe, “country-level characteristics” – such as favorable regulatory and market conditions, credit access, a skilled workforce and an influx of foreign direct investment – allowed new technologies and progressive business practices to take root.
  • In Old Europe’s North, “firm-level characteristics” – sizeable business entities and companies with overseas investors – drove economic output.

About the Authors

Andrea Dall’Olio, Mariana Iootty, Naoto Kanehira and Federica Saliola are economists at the World Bank.

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