ECB paper proposes new metrics for competitiveness
The rise of global value chains (GVCs) has made the conventional indicators of competitiveness "less informative" and new measures are needed, according to a working paper published by the European Central Bank (ECB).
The term GVC refers to the different processes across the globe that add value in the production of any given good or service. In Fragmentation, Incomes and Jobs: An analysis of European competitiveness, Marcel Timmer, Bart Los, Robert Stehrer and Gaaitzen de Vries say that "a GVC
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