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Europe Market Report - The Relative Importance of Industries and Countries in Developed Europe - May 2013

In this Europe Market Report, we investigate the relative importance of industries and countries in Developed Europe, using a case study with the EUE4 Model. In particular, we explore whether the recent sovereign-debt crisis had altered the relative importance of these two sets of variables.  We find that since the late 1990s, industries have dominated countries in Developed Europe. As the sovereign-debt crisis unfolded in 2011, the gap between the two narrowed, although countries never achieved parity with industries. Since late 2011, the gap has once again widened, with industries reasserting their long-standing dominance over countries in Developed Europe.