As a major player in world trade, the euro area is strongly influenced by globalisation, but is far from being a passive spectator. The paper analyses how the euro area’s trade specialization has changed in response to stronger international competition and the emergence of new global players,...

This year's ECB Sintra Forum on Central Banking focused on the major real economy developments that surround and interact with monetary policy. Policymakers, academics and market economists debated on the topics of innovation, investment and productivity as well as business cycles, growth and...