In light of recent global economic and geopolitical shocks threatening trade openness, this report aims to shed light on geoeconomic fragmentation and develops a rich set of new tools to assess its economic effects and implications for central banks. The report shows that, although global trade...

In this work, we analyse the most recent shifts in trade patterns amid increasing ge-oeconomic fragmentation. We document five facts about the recent reconfiguration of global, US and EU trade flows. First, a broad retreat from globalization is not tak-ing place. Second, selective decoupling...

In this work, we analyse the most recent shifts in trade patterns amid increasing ge-oeconomic fragmentation. We document five facts about the recent reconfiguration of global, US and EU trade flows. First, a broad retreat from globalization is not tak-ing place. Second, selective decoupling...

The article analyses recent developments in business investment for a large group of EU countries, using a broad set of analytical tools and data sources. We find that the assessment of whether or not investment is currently low varies across benchmarks and countries. At the euro area level and...

Firms are heterogeneous, even within narrowly defined sectors. This paper surveys the relevant theoretical and empirical literature on firm heterogeneity and external trade. By innovatively exploiting rich cross-country micro-aggregated data sourced from the ECB Competitiveness Research Network...