Will the EU Taxonomy Impact the Trade Specialisation of European Economies?
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Monika Köppl-Turyna
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Wolfgang Schwarzbauer
Abstract
The introduction of the taxonomy will alter trade patterns and trade specialisation, in spite of the signs that EU members are specialised in industries and economic activities that are favoured by its introduction. The taxonomy is likely to further work not only directly but also through supply chains, as obtaining more attractive funding for companies is indirectly linked to the compliance of the company’s suppliers as well. However, managing the transition to green production will require further policy measures at the regional, national, and international levels. Given that several policy measures and initiatives are already in place, doubts can be raised as to whether the green transition can be achieved efficiently by the introduction of the taxonomy.
Specialisation patterns of Germany and France.
| German competitive industries (versus EU median) | French competitive industries (versus EU median) | ||||
|---|---|---|---|---|---|
| ISIC code | Industry | RXA value (Germany) | ISIC code | Industry | RXA value (France) |
| C17 | Manufacture of paper and paper products | 1.26 | C20 | Manufacture of chemicals and chemical products | 1.2 |
| C20 | Manufacture of chemicals and chemical products | 1.34 | C21 | Manufacture of basic pharmaceutical products and pharmaceutical preparations | 1.8 |
| C21 | Manufacture of basic pharmaceutical products and pharmaceutical preparations | 1.53 | C22 | Manufacture of rubber and plastic products | 1.4 |
| C22 | Manufacture of rubber and plastic products | 1.56 | C30 | Manufacture of other transport equipment | 2.2 |
| C27 | Manufacture of electrical equipment | 2.1 | C31_C32 | Manufacture of furniture; other manufacturing | 0.7 |
| C28 | Manufacture of machinery and equipment n.e.c. | 2.31 | G46 | Wholesale trade, except of motor vehicles and motorcycles | 1.1 |
| C29 | Manufacture of motor vehicles, trailers and semi-trailers | 2.77 | H51 | Air transport | 1.8 |
| C30 | Manufacture of other transport equipment | 1.1 | J59_J60 | Motion picture, video and television programme production, sound recording and music publishing activities; programming and broadcasting activities | 1.4 |
| E36 | Water collection, treatment and supply | 1.02 | K66 | Activities auxiliary to financial services and insurance activities | 1.1 |
| J59_J60 | Motion picture, video and television programme production, sound recording and music publishing activities; programming and broadcasting activities | 1.17 | M69_M70 | Legal and accounting activities; activities of head offices; management consultancy activities | 1.6 |
| M69_M70 | Legal and accounting activities; activities of head offices; management consultancy activities | 1.39 | M72 | Scientific research and development | 2.8 |
| M72 | Scientific research and development | 1.12 | N | Administrative and support service activities | 2.3 |
| N | Administrative and support service activities | 1.19 | O84 | Public administration and defence; compulsory social security | 1.4 |
| O84 | Public administration and defence; compulsory social security | 1.24 | Q | Human health and social work activities | 1.2 |
| R_S | Other service activities | 1.1 | |||
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Source: WIOT database, own calculations.
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Artikel in diesem Heft
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Artikel in diesem Heft
- Frontmatter
- Editorial
- The Economists’ Voice, December Issue 2022, Editorial
- Policy Papers
- Sanctions are Costly for Citizens but Beneficial for Autocrats: A Political-Economic Perspective
- The New Advocacy for Autarky: Self-Sufficiency is Now Once Again Becoming Popular for Geopolitical Reasons
- Policy Rules Consistent with the FOMC’s Longer-Run Goals and Monetary Policy Strategy
- Monetary Policy Normalization and Central Bank Profits: A Break-Even Point Perspective
- Does Financial Dominance Explain the Recent Rise in Inflation?
- The Influence of Economic Freedom on the Shadow Economy in Developed and Developing Countries
- Policy Forum
- EU Green Taxonomy Data – A First Vendor Survey
- EU Taxonomy: Mission Impossible
- Will the EU Taxonomy Impact the Trade Specialisation of European Economies?
- Green Finance and the EU-Taxonomy for Sustainable Activities: Why Using More Direct Environmental Policy Tools Is Preferable
- EU Taxonomy and ECB Monetary Policy: Moving Towards Centrally-Directed Green Capital Allocation?
- The EU Taxonomy’s (Potential) Effects on the Banking Sector and Bank Lending to Firms
