The global crisis has taken its toll on the EU’s prime position in international trade. While the EU still has the largest relative market shares, its position has deteriorated since the crisis, much more so than the US, and its comparative advantage in knowledge-intensive goods has been partly eroded. Concerns have arisen as to whether the EU will be able to keep pace with the changing global environment and maintain its strong position in global value chains. The fact that the EU gained relative market shares in 2013 for the first time in the post-crisis period, provides some reason for optimism.
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