Competitiveness Research Network (CompNet)
"A competitive economy, in essence, is one in which institutional and macroeconomic conditions allow productive firms to thrive. In turn, the development of these firms supports the expansion of employment, investment and trade."
Our objective is to identify
- what drives the dynamics of competitiveness and productivity in EU countries and firms;
- how such indicators relate to policy outcomes (e.g. exports, economic growth).
This research is relevant for
- supporting EU country surveillance analysis,
- identifying factors that may hamper efficient monetary transmission in the euro area.
In order to achieve our objective we address competitiveness issues, taking a broad perspective, encompassing macro, firm-level and cross-border aspects and exploiting cross-country information. These two aspects of CompNet – its multi-dimensional and cross-country approach to competitiveness – are what make it a unique forum for research.
The Competitiveness Research Network (CompNet) was established in March 2012. The network has participants from all EU national central banks, as well as from international organisations interested in competitiveness issues.
If you wish to contact us, please write to email@example.com .
CompNet is organised into three work streams:
- Aggregate Measures of Competitiveness
- Global Value Chains
Work stream 1 (WS1) – Aggregate-macro indicators
Workstream 1 handles the macro-aggregate analysis, which relies on competitiveness measured at the country level. This includes all analyses aimed at explaining trade results that are dependent on price factors and non-price factors.
Research has shown that on the aggregate, macro side, additional "non-price" factors are confirmed as playing a key role in explaining trade results. CompNet has developed a number of indicators that are more sophisticated than the ones traditionally used for policy analysis. These indicators include:
- quality-adjusted export prices:
- product and geographical sophistication:
- the barometer of competitiveness pressure:
- the extensive and intensive margins of trade.
- Competitiveness Assessment Toolkit (aimed at building a coherent framework to link trade outcomes and indicators)
- Case study of the automotive sector (research across work streams)
- Trade elasticities (augmented for considering intra- and extra-euro area trade)
- Unit labour costs and exports (jointly with Deutsche Bundesbank and Oesterreichische Nationalbank)
- Transmission of shock in capital flows and competiveness in selected European economies (Eesti Pank and De Nederlandsche Bank)
- Beņkovskis, K. (2012), "Competitiveness of Latvia’s exporters", Baltic Journal of Economics , Vol. 12(2), December, pp. 17-45.
- Benkovskis, K and Wörz, J. (2012), "Non-price competitiveness of exports from emerging countries", BOFIT Discussion Papers , 19/2012, Suomen Pankki – Finlands Bank, September.
- Benkovskis, K. and Wörz, J. (2013), "What drives the market share changes? Price versus non-price factors", BOFIT Discussion Papers , 18/2013, Suomen Pankki – Finlands Bank, August.
- Gaulier, G. and Vicard, V. (2012), "Current account imbalances in the euro area: competitiveness or demand shock?", Quarterly selection of articles , Issue 27, Banque de France, pp. 5-26.
- Oesterreichische Nationalbank (2012) "Non-Price Competitiveness Gains of Central, Eastern and South-Eastern European Countries in the EU Market", Focus on European Economic Integration , Issue 3, August, pp. 27-47. last update: 09 October 2013
- Orszaghova, L., Savelin, L. and Schudel, W. (2013) "External Competitiveness of EU Candidate Countries", Occasional Paper Series , No 141, European Central Bank, January.
- Vitola, K. and Davidsons, G. (2008), "Structural Transformation of Exports in a Product Space Model", Working Papers , 2008/04, Latvijas Banka.
Work stream 2 (WS2) - Firm-level
Work stream 2 concentrates on research based on firm-level data. This analysis draws on the rather extensive literature, which includes a very high number of contributions by NCBs, assessing the relationship between the internationalisation of production, firm-level costs and productivity on the one hand, and additional firm characteristics, such as the financial position of the firm, on the other. The focus is on cross-country comparisons, as well as the interaction between firm-level and aggregate information.
CompNet research has confirmed the existence of significant heterogeneity in firms’ performance even within narrowly defined sectors in all countries. The dynamics in terms of employment creation or unit labour cost and total factor productivity growth are very different for low and high productivity firms, even when they are operating in the same industry. In order to make progress in this field, CompNet has created an active network of 13 country teams, which will soon be expanded to include four more. These teams are independently running a common algorithm to compute indicators related to sectoral labour and total factor productivity dynamics, unit labour costs and allocative efficiency; this approach was chosen in order to deal with firm-level data confidentiality.
Firm-level indicators highlight three main stylised facts:
- firms’ productivity is highly heterogeneous across sectors, but even more so within sectors;
- allocative efficiency varies widely across countries and time periods;
- a positive relationship exists between labour productivity and size, and with export activities.
These results imply that there is considerable potential to boost overall productivity by fostering the reallocation of resources within and across industries, over and above enhancing the productivity of incumbent firms.
- Another round of the DO.file is being developed, aimed at providing answers to specific policy questions ("Modules"). This round will add new variables, especially financial indicators and others related to trade. Other variables related to GVC are also being considered.
- An important issue to be tackled by the new DO.file round: estimating mark-ups at the firm level so differences between exporting and non-exporting firms can be analysed.
- Abraham, F. and Van Hove, J. (2010), "Can Belgian firms cope with the Chinese dragon and the Asian tigers? The export performance of multi-product firms on foreign markets", Working Papers , No 204, Nationale Bank van België/Banque Nationale de Belgique, October.
- Ariu, A. and Mion, G. (2010), "Trade in services: IT and task content", Working Papers , No 200, Nationale Bank van België/Banque Nationale de Belgique, October.
- Ariu, A. and Mion, G. (2011), "Service Trade and Occupational Tasks: An Empirical Investigation", mimeo.
- Behrens, K., Corcos, G. and Mion, G. (2011), "Trade Crisis? What Trade Crisis?", mimeo.
- Bernard, A., Van Beveren, I. and Vandenbussche, H. (2010), "Multi-product exporters, carry-along trade and the margins of trade", Working Papers , No 203, Nationale Bank van België/Banque Nationale de Belgique, October.
- Berthou, A., Berman, N. and Héricourt, J. (2012), "Export dynamics and sales at home", Working Papers , No 408, Banque de France, November.
- Berthou, A. and Fontagné, L. (2013), "How do multi-product exporters react to a change in trade costs?", Scandinavian Journal of Economics , Vol. 115(2), April, pp. 326-353.
- Berthou, A. and Vicard, V. (2013), "Firms’ Export Dynamics: Experience vs. Size, Working Papers , No 445, Banque de France, September.
- Blanchard, P., Dhyne, E., Fuss, C. and Mathieu, C. (2011), "Multinational firms, domestic employment", mimeo.
- Bricongne, J., Fontagné, L., Gaulier, G., Taglioni, D. and Vicard, V. (2012), "Firms and the global crisis: French exports in the turmoil" , Journal of International Economics , Vol. 87(1), May, pp. 134-146.
- Castagnino, T., D’Amato, L. and Sangiácomo, M. (2012), "How do firms in Argentina get financing to export?", Working Papers , No. 58, Banco Central de la República Argentina, November. [Abstract]
- Conconi, P., Sapir, A. and Zanardi, M. (2010), "The internationalization process of firms: from exports to FDI?", Working Papers , No 198, Nationale Bank van België/Banque Nationale de Belgique, October.
- Cuyvers, L., Dhyne, E. and Soeng, R. (2010), "The effects of internationalisation on domestic labour demand by skills: firm-level evidence for Belgium", Working Papers , No 206, Nationale Bank van België/Banque Nationale de Belgique, October.
- Dhyne, E., Fuss, C. and Mathieu, C. (2010), "Labour demand adjustment: does foreign ownership matter?", Working Papers , No 40/10, MICRO-DYN.
- Di Comite, F., Thisse, J.F. and Vandenbussche, H. (2011), "Verti-zontal differentiation in monopolistic competition", Working Papers , No 216, Nationale Bank van België/Banque Nationale de Belgique, October.
- Dumont, M., Merlevede, B., Piette, C. and Rayp, G. (2010), "The productivity and export spillovers of the internationalisation behaviour of Belgian firms", Working Papers , No 201, Nationale Bank van België/Banque Nationale de Belgique, October.
- Fuss, C. and Zhu, L. (2012), "Comparative advantage, multi-product firms and trade liberalisation: an empirical test", Working Papers , No 219, Nationale Bank van België/Banque Nationale de Belgique, January.
- Fuss, C. and Zhu, L. (2011), "Import competition from and outsourcing to China: a curse or blessing for firms?", Discussion Papers , No 8188, Centre for Economic Policy Research, January.
- Havránek, T. and Iršová, Z. (2011), "Determinants of Horizontal Spillovers from FDI: Evidence from a Large Meta-Analysis", Working Paper Series , No 7/2011, Česká národní banka, October.
- Havránek, T. and Iršová, Z. (2010), "Which Foreigners Are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI", Working Paper Series , No 3/2010, Česká národní banka, September.
- Manova, K. and Yu, Z. (2013), "Firms and Credit Constraints along the Global Value Chain: Processing Trade in China", Working Papers , No 18561, National Bureau of Economic Research. last update: 09 October 2013
- Muûls, M. (2008), "Exporters and credit constraints: a firm-level approach", Working Papers , No 139, Nationale Bank van België/Banque Nationale de Belgique, September.
- Muûls, M. and Pisu, M. (2009), "Imports and Exports at the Level of the Firm: Evidence from Belgium", The World Economy , Vol. 32(5), May, pp. 692-734.
- Onkelinx, J. and Sleuwaegen, L. (2010), "Internationalization strategy and performance of small and medium-sized enterprises", Working Papers , No 197, Nationale Bank van België/Banque Nationale de Belgique, October.
- Pisu, M. (2008), "Job creation, job destruction and firms’ international trade involvement", Working Papers , No 130, Nationale Bank van België/Banque Nationale de Belgique, March.
- Pisu, M. (2008), "Export destinations and learning-by-exporting: evidence from Belgium", Working Papers , No 140, Nationale Bank van België/Banque Nationale de Belgique, September.
- Tóth, P. (2013), "Currency Shocks to Export Sales of Importers: A Heterogeneous Firms Model and Czech Micro Estimates", Working Paper Series , No 4/2013, Česká národní banka, July.
Work stream 3 (WS3) – Global value chains (GVC)
Work stream 3 concentrates on the globalisation of production processes and its impact on traditional assessments of trade and competitiveness. The work stream has heavily drawn from databases and analyses developed in a number of international organisations, members of the network, which are leading in the field, such as the OECD, the United States International Trade Commission and the World Bank. Against this background, the work stream is currently working on the development of GVCs in Europe, as well as separating out the impact of GVCs on competitiveness assessments.
At the cross-border level, CompNet research aims at examining the impact of integration within global value chains (GVCs) on the assessment of competitiveness. CompNet has functioned as a hub for databases and methodologies by collaborating with institutions worldwide that have conducted advanced research on constructing appropriate databases.
Focusing on European countries, CompNet has computed a number of indicators, including
- the decomposition of the added value embedded in national exports;
- their degree of integration within GVCs;
- their position in GVCs.
- The role of the impact of extra-euro area economic shocks on intra-euro area imbalances;
- Project focusing on the impact of GVCs on the assessment of competitiveness (involving output from WS1);
- Project focusing on the use of firm-level data to assess participation in GVCs and to discuss the role of domestic linkages in the performance of exporting firms (involving output from WS2, in the context of the DO.File exercise).
- Altomonte, C., di Mauro, F., Ottaviano, G.I.P., Rungi, A. and Vicard, V. (2011), "Global Value Chains during the Great Trade Collapse: A Bullwhip Effect?", Working Paper Series , No 1412, European Central Bank, January.
- Baldwin, R. and Taglioni, D. (2013), "Gravity Chains: Estimating Bilateral Trade Flows When Parts And Components Trade Is Important", in Mattoo, A. et al. (2013), Trade in value added: developing new measures of cross-border trade , Centre for Economic Policy Research/World Bank, pp. 161-186. [Earlier version: (2011), Working Paper Series , No 1401, European Central Bank.]
- Beltramello, A., De Backer, K. and Moussiegt, L. (2012), "The Export Performance of Countries within Global Value Chains", OECD Science, Technology and Industry Working Papers , No 2012/2, OECD Publishing, April.
- Bems, R. and Johnson, R.C. (2012), "Value-Added Exchange Rates: measuring competitiveness with vertical specialisation in trade", mimeo (IMF).
- Bernard, A.B. and Fort, T.C. (2013), "Factoryless Goods Producers in the US", Working Papers , No 19396, National Bureau of Economic Research, August.
- Cattaneo, O., Gereffi, G., Miroudot, S. and Taglioni, D. (2013), "Joining, Upgrading and Being Competitive in Global Value Chains", Policy Research Working Paper Series , No 6406, The World Bank, April.
- De Backer, K. and Yamano, N. (2012), "International Comparative Evidence on Global Value Chains", OECD Science, Technology and Industry Working Papers , No. 2012/03, OECD Publishing, April.
- Duenas, M. and Fagiolo, G. (2013), "Modeling the International-Trade Network: A Gravity Approach", Journal of Economic Interaction and Coordination , Vol. 8, pp. 155-178.
- Koopman, R. and Wang, Z. (2012), "The Value-added Structure of Gross Exports and Global Production Network", mimeo.
- Koopman, R. and Wang, Z. (2012), "The Value-added Structure of Gross Exports: Measuring Revealed Comparative Advantage by Domestic Content in Exports", mimeo.
- Koopman, R., Wang, Z. and Wei, S. (2012), "The Value-added Structure of Gross Exports and Global Production Network", slides.
- Koopman, R., Wang, Z. and Wei, S. (2012), "Estimating domestic content in exports when processing trade is pervasive", Journal of Development Economics , Vol. 99, Issue 1, pp. 178-189.
- Noguera, G. (2012), "Trade Costs and Gravity for Gross and Value Added Trade".
- OECD (2013), Interconnected Economies: Benefiting from Global Value Chains, OECD Publishing.
- OECD (2008), Staying Competitive in the Global Economy: Compendium of Studies on Global Value Chains , OECD Publishing.
- OECD (2008), Enhancing the Role of SMEs in Global Value Chains , OECD Publishing.
- OECD (2007), Staying Competitive in the Global Economy: Moving Up the Value Chain , OECD Publishing.
- Powers, W. and Riker, D. (2013), "Exchange Rate Pass-Through and Global Value Chains: The Effect of Upstream Suppliers", Office of Economics Working Papers , No 2013-02B, United States International Trade Commission.
- S.N. (2011), "World Input-Output Database Project", mimeo.
- Stehrer, R. and Stöllinger, R. (2013), "Positioning Austria in the Global Economy: Value Added Trade, International Production Sharing and Global Linkages", FIW Research Reports series , No V-002, FIW, October.
- Streicher, G. and Stehrer, R. (2012), "Whither Panama? Constructing a consistent and balanced world SUT system including international trade and transport margins", WIFO Working Papers , No 439, WIFO, October.
- Timmer, M.P. (2012), "The World Input-Output Database (WIOD): Contents, Sources and Methods", Working Paper Series , No 10, World Input-Output Database, April.
- Timmer, M.P., Los, B., Stehrer, R. and de Vries, G. (2012), "Fragmentation, Incomes and Jobs. An analysis of European competitiveness", Working Paper Series , No 9, World Input-Output Database, November.
- Timmer, M.P., Erumban, A., Los, B., Stehrer, R. and de Vries, G. (2012), "Slicing Up Global Value Chains", Working Paper Series , No 12, World Input-Output Database, September.
The following specific research questions underline the work of CompNet and indicate the progress achieved so far.
Traditional macro indicators – mostly price/cost based – have increasingly exhibited lower explanatory power for trade developments and related imbalances. CompNet’s objective is to enhance the strength of indicators regularly used, drawing from three perspectives;
- Aggregate-macro indicators
- Global Value Chains (GVCs)
On the macro front , new indicators are being developed based on detailed six-digit product-level statistics, which mainly investigate non-price competitiveness aspects. On the micro front , efforts are being dedicated to the creation of a new database suitable for providing cross-country indicators on firm-level productivity and its drivers. At the cross-border level , new indicators break down the added value incorporated at various stages of production internationally in order to gauge the necessary changes in the traditional competitiveness assessment.
The ultimate aim is to create a comprehensive view of a country’s competitiveness by providing information from indicators at all levels of analysis: macro, micro and cross-border.
The ultimate aim of CompNet is to provide empirical and theoretical support for the link between outcomes and drivers at the macro, micro and cross-border levels.
At the macro level , a purely empirical exercise (based on a Bayesian Model Selection approach) is being undertaken to quantify the relative importance of various macroeconomic, structural and institutional indicators for trade outcomes. On the micro front, the following links are currently being investigated:
- distribution of productivity – trade;
- trade – productivity – regulation;
- trade – productivity – financial constraints.
On the cross-border front , special attention is being paid to the impact on employment of participation in GVCs.
Accumulations of external imbalances and persistently diverging economic developments across Member States have a strong impact on the effectiveness of monetary policy across euro area countries. However, depending on their nature, external deficits are not necessarily a sign of a loss of competitiveness and may not require policy intervention (e.g. in the case of economies that are "catching up").
Currently CompNet research is investigating the complex link between competitiveness enhancement and the adjustment of macroeconomic imbalances, complementing traditional macro analysis with insights from firm-level data on productivity; furthermore, it places the problem of adjusting imbalances in the context of increasing integration in GVCs and an increased import content within exports.
A major aim of the Network is to underline the importance for policy to look at the shape of firm-level productivity distribution, rather than to the simple average. The main reasons are that the impact of a given shock might differ depending on the underlying distribution of firms’ performance. Moreover, existing high heterogeneity and skewness of firm distribution gives scope to enhance overall productivity via resource reallocation across firms. To this purpose, the research output consists first in developing synthetic indicators of allocative efficiency across countries and second in identifying the policies that can improve resource reallocation with minimum adjustment costs.
The ongoing projects aim at using the micro data that has been gathered to validate the available macro statistics. With our firm-level data we can improve the understanding of the dynamics that profit shares and mark-ups have created in some (periphery) countries since the beginning of the crisis. In addition, we can provide superior labour productivity levels and growth rates that do not suffer from the problems that stem from using aggregate figures. Furthermore, we can improve the forecasting power of macro models by using micro forecasts of productivity growth.
Against this background, a competitiveness diagnostic toolkit is currently being designed to serve monitoring and policy purposes; this toolkit comprises both macro and firm-level indicators that are able to shed light on the salient features of the European economies..
The ongoing CompNet work makes use of indicators based on added value (computed using global input-output tables) in order to assess the impact of GVCs on competitiveness outcomes, such as RCAs, employment and GVC income. Therefore, in this new light, a macro -mapping of trade patterns and partners within the euro area can be redrawn. A promising approach is to assess the drivers of GVC participation at the firm level .
CompNet Initial Quality Report
CompNet Recent and Forthcoming Journal Publications
- N. Berman, A. Berthou and J. Héricourt, “Export dynamics and Sales at Home”, Journal of International Economics
- A. Berthou and V. Vicard, “Firms’ export dynamics: experience versus size”, The World Economy (forthcoming)
- P.S. Esteves and A. Rua, “Is there a role for domestic demand pressure on export performance?”, Empirical Economics (2015)
- J. Amador and S. Cabral, "Global Value Chains: A Survey of Drivers and Measures", Journal of Economic Surveys (2014)
- F. Pappadá and F. Di Mauro, "Euro area external imbalances and the burden of adjustment", Journal of International Money and Finance (2014)
CompNet approach to competitiveness: Results and policy use
Compendium on the diagnostic toolkit for Competitiveness
- Compendium on the diagnostic toolkit for competitiveness, Occasional Paper Series, No 163, July 2015
CompNet Interim Report
- Competitiveness Research Network Interim Report II: results in 2013 and plans for 2014, April 2014
- Competitiveness Research Network: First Year Results, March 2013
CompNet Policy Briefs
- CompNet Policy Brief No.8 - May 2015: Centralisation of wage bargaining and firms adjustment to the Great Recession – a micro-based analysis
- CompNet Policy Brief No.7 - April 2015: A micro-based look to the evolution of investment over the great recession
- CompNet Policy Brief No.6 - May 2014: Global Value Chains Reshape Our Policy Thinking
- CompNet Policy Brief No.5 - January 2014: Measuring Institutional Competitiveness in Europe
In the News
- VoxEu Article: Which factors shape the relationship between manufacturing and government wages? B. Marzinotto and A. Turrini
- Bartelsman, E.; Di Mauro, F., and Dorrucci, E. (2015) “Eurozone rebalancing: Are we on the right track for growth? Insights from the CompNet micro-based data”, VoxEu.org , 17 March
- Altomonte, C.; Aquilante, T.; Békés, G, and Ottaviano, G.I.P. (2014) "Internationalisation and innovation of firms: Give them one roof", VoxEu.org , 21 March
- Häring, N. (2014) "Stimmt es, dass …die EU nur an Krisensymptomen herumdoktert?", Handelsblatt , 18 March.
- Di Mauro, F. (2014) "Firm-level data: who said they are too difficult to use for policy?", VoxEu.org , 11 March.
- Hassan, F. and Ottaviano, G.I.P. (2013) "Productivity in Italy: The great unlearning", VoxEu.org , 30 November.
- Cernat, L., "TPP, TTIP and multilateralism: stepping stones or oceans apart?", VoxEu.org , 8 November.
- Bini Smaghi, L., "Austerity and stupidity", VoxEu.org , 6 November.
- Blanchard, O., Jaumotte, F. and Loungani, P., (2013) "Unemployment, labour-market flexibility and IMF advice: Moving beyond mantras", VoxEu.org , 18 October.
- Giordano, C. and Zollino, F. (2013) "Going beyond the mystery of Italy’s price-competitiveness indicators", VoxEu.org , 18 July.
- Timmer, M., Los, B., Stehrer, R. and de Vries, G. (2013) "Rethinking competitiveness: The global value chain revolution", VoxEu.org , 26 June.
- Barba Navarretti, G. (2013), "L'export va sostenuto con strategie ad ampio raggio", Sole 24 Ore , 30 April.
- Hobza, A. and Zeugner, S., (2013) "Current-account surpluses in the Eurozone: Should they be reduced?", VoxEu.org , 26 April.
- Gaulier, G., Taglioni, D. and Vicard, V. (2012), "Tradable sectors in Eurozone periphery countries did not underperform in the 2000s", VoxEu.org 19 July.
Upcoming CompNet events21-22 April 2016: Joint European Central Bank and Czech National Bank Compnet Conference on Productivity and External Rebalancing, Prague
Past CompNet events25-25 June 2015: CompNet conference “Enhancing competitiveness and fostering sustainable growth: methodological issues and empirical results”, European Central Bank, Frankfurt
Thursday, 26 March 2015
- Keynote speech by Luis Garicano, London School of Economics (LSE) “Can slow IT adoption explain productivity slowdown? Firm size and organizational change” Presentation
Plenary I: Foreign Direct Investment
- “Who owns Europe’s firms? Globalization and foreign investment in Europe”, S. Kalemli-Özcan, V. Korsun, B. Sorensen
- “How does multinational production and competitiveness affect the measurement of competitiveness?”, S. Federico, Presentation
Plenary II: Use of firm-level data for policy analysis
- "Growing like Spain 1995 - 2007", M. García-Santana, E. Moral-Benito, J. Pijoan, Presentation
- “Determinants of corporate investment and the financial crisis exploiting the micro CompNet data in the regression analysis framework”, MH. Felt, H. Chen & A. Ferrando, Presentation
Friday, 27 March 2015
- Keynote speech by Gilbert Cette, Banque de France “Productivity trends from 1890 to 2012 in advanced countries”, Presentation
Plenary III: Trade
- “Determinants of outward internationalisation mode choices of enterprises”, Siedschlag & G. Murphy
- “Crisis severity and international trade network”, M.Endresz & F. Skudelny, Presentation
- “Asymmetric shocks and asymmetric distributions”, F. Di Mauro & C. Vlad, Presentation
General discussion and wrap-up (Final Report Draft)
Workstream discussions (Days 1 and 2)
- “Measuring quality and selling capacity at a country-product level”, Francesco di Comite, Presentation
- “Measuring the effectivenss of price cost competitiveness”, Styliani Christodoulopoulou, Presentation
- “Current account and GDP a VAR approach”, Robert Vermeulen, Presentation
- “Empirical Link between Firm-Level Indicators and Target Variables of Competitiveness: Bayesian Model Averaging Approach”, Benjamin Bluhm, Presentation
- “Domestic demand and export performance in the euro area countries: Does export concentration matter?”, Paulo Soares Esteves, Presentation
- “Matching CompNet with WDN’s data”, Maddalena Ronchi
- “Assessing the cleansing effect of the Great Recession across European countries”, Bartelsman, Lopez-Garcia and Presidente
- “Financial frictions, misallocation and gains from trade”, Berthou, Manova and Sandoz, Presentation
- “Spanish exporting firms. Stylised facts and recent trends”, González and Martín
- “The cyclical behaviour of mark-ups: composition and changes in pricing strategies”, Lacuesta, Fernández, Montero and Urtasun Presentation
- “Exchange rate movements, firm-level exports and heterogeneity”, Berthou, Demian and Dhyne, Presentation
- “FDI Impact on the productivity and employment of Spanish manufacturing firms”, Patrocinio Tello (Bank of Spain) and Antonio Rodrigues (Bank of Spain), Presentation
- “FDI flows to advanced economies: to what extent do the structural factors matter?”, Selin Özyurt (ECB) and Guillaume Compeyron (ECB), Presentation
- “Has the crisis changed the DNA of Belgian economy?”, Emmanuel Dhyne (National Bank of Belgium) and Cédric Duprez (National Bank of Belgium)
Monday, 15 December 2014
- Keynote speech by E. Bartelsman, “Using micro-based data for research and policy analysis: lessons from 15 years of experience”, download keynote speech
Tuesday, 16 December 2014
- Keynote speech by K. Manova: “The global production line position of Chinese firms”, download keynote speech
- Plenary session: U. Cede, B. Chiriacescu, T. Lalinsky, J. Meriküll and Péter Harasztosi, “Export diversification and output volatility: Comparative firm-level evidence”, presentation , discussion
- Conclusions of Advisory Board Meeting, download conclusions
Thursday, 18 September 2014
- Keynote speech by Fabio Ghironi (University of Washington), "The Monetary Policy Implications of Market Reforms and Trade Integration", presentation
Session I - Monetary Policy and Firm Heterogeneity
- Firm Heterogeneity, Access to External Financing and Firm Growth, presented by Iulia Siedschlag (European Commission, Joint Research Centre, Institute for Prospective Technological Studies), abstract
- Firm-level Productivity and Exporting: Diagnosing the role of Financial Constraints, presented by Hylke Vandenbussche (European Commission), paper
Session II – Global Value Chains and International Trade (part I)
- How Does Foreign Demand Activate Domestic Value Added? A Comparison Among the Major Euro-area Economies, presented by Rita Cappariello (Bancad’Italia), paper
- The Value-added Trade Weighted Unit Labor Cost Indicator (TWULC) - An Alternative For Calculating Real Exchange Rates?, Presented by Maria Silgoner (Oesterreichische Nationalbank), abstract
Session II – Global Value Chains and International Trade (part II)
- Firms and Aggregate Trade Performance (Higher moments), presented by Giorgio Barba Navaretti (University of Milan and Centro Studi Luca d’Agliano), abstract paper
- Trade In Value Added And Multinational Groups, Presented by Carlo Altomonte (Bocconi University), presentation
Friday, 19 September 2014
Session III – Monetary Policy, financial Integration and firm/banks heterogeneity
- Keynote speech by Dean Corbae (University of Wisconsin), presentation
- The Risk-taking Channel Of Monetary Policy - Exploring All Avenues, Presented by Diana Bonfim (Banco De Portugal), paper
- Competition in the Mexican Banking Industry, Presented by Bernardo Morais, paper
General discussion: CompNet Micro Database – Proposed Indicators and Ongoing Projects presentation
Monday, 30 June 2014
- K. Benkovskis et al., "Presentation of the CompNet compendium", presentation
- N. Yamano, "Current developments and future expansions of the TiVA", presentation , paper
- E. Dautovic et al., "Intra-industry trade between CESEE countries and the EU15", paper
Tuesday, 1 July 2014
Invited Speaker: Susanto Basu, "TFP: Consumption and investment technical change"
Session: Financial Flows
- A. Hobza, S. Zeugner, "Current Accounts and financial flows in the euro area", presentation
- C. Fons, Rosen et al., "Foreign Ownership, Selection, and Productivity", paper
Session: The new CompNet micro-based database II
- N. Benatti et al, "The financial module I: Firms’ financing constraints, a multivariate approach", presentation
Thursday, 13 March 2014
- Pre-meeting: Individual Workstream sessions | bilateral meetings
- Welcome address by Eugenio Gaiotti (Director General for Economics, Statistics and Research, Banca D’italia)
- Introduction Filippo di Mauro (Chairman CompNet)
- Keynote speech by Gian Maria Milesi-Ferretti
Session I: Productivity and reallocation
- Andrews, Criscuolo & Menon, "Do resources flow to innovative firms? Cross-country evidence from firm-level data"
- E. Canton, "Business churn, sectoral performance and economic policy", paper , presentation
- E. Dhyne, C. Fuss & P. Sevestre, "Export markets as Olympic games: It’s not only how high you jump but also whether you jump higher than others", presentation
- Policy discussant: Eric Bartelsman (VU University Amsterdam) presentation
- General discussion
Individual Workstream Sessions: Summary of morning meetings
- P. Lopez-Garcia, V. Demian, I. Schott and N. Benatti Directorate, "The CompNet database 2.0: Some preliminary results", presentation
Friday, 14 March 2014
- Keynote speech by Richard Baldwin presentation
Session II: GVC and FDI
- M. Timmer & de Vries, "Revealed comparative advantage at the task level – A GCV perspective", paper , presentation
- R. Cappariello & A. Felettigh, "How does foreign demand activate domestic value added? A dashboard for the Italian economy", paper
- V. Vicard, "Transfer pricing of multinational companies and aggregate trade"
- Policy Discussion: Carlo Altomonte (Bocconi University) presentation
- General discussion
Individual Workstream sessions
- Pignatti, Pensa: Export competitiveness factors in the Eurozone countries: the Italian case, paper , presentation
- Del Prete, Federico: Trade and finance: Is there more than just trade finance? Evidence from matched bank‐firm data, paper , presentation
- D’Amato, Siangacomo, Tobal: Firms Survival in Export Markets and Credit Constraints ‐ Does foreign financing matter? Evidence from micro data on Argentine firms, paper , presentation
- Verschelde, Dumont, Rayp, Merlevede: European competitiveness: A semipatric stochastic metafrontier analysis at the firm level, paper , presentation
- Dhyne: The Belgian economy in the GVC – A microeconomic perspective, presentation
- Blyde, Molina: Logistics infrastructure and the international location of fragmented production, paper
Session III: External performance determinants: a cross-dimensional approach
- C. Giordano & F. Zollino, "Measuring price competition and the impact on external performance of the largest economies in the euro area", presentation
- M. Bugamelli & G. Barba Navaretti & E. Forlani & G. Ottaviano, "Firms and aggregate trade performance", presentation
- Policy discussant: Fabiano Schivardi presentation
- General discussion
Thursday, 12 December 2013
- Introduction Filippo di Mauro (Chairman CompNet)
- Invited Speaker: Anita Wölfl (OECD), "The 2013 OECD Compendium of Productivity Indicators"
Session 1: Indicators for measuring competitiveness
- Christodoulopoulou, S. and Olegs, T. (2013), "Is there any preferred competitiveness indicator in explaining foreign trade in euro area countries?"
- Decramer, S., Fuss, C. and Konings, J. (2013), "How do exporters react to changes in cost competitiveness"
- Dyadkova, M. and Momchilov, G. (2013), "Constant Market Shares Analysis Beyond the Intensive Margin of External Trade"
- Benkovskis et. al. (2013), "CompNet Competitiveness Assessment Toolkit"
- Policy discussant: Melanie Ward-Warmedinger (ECB)
- Summary of Advisory Board Meeting (Eric Bartelsman & Filippo di Mauro)
- Invited Speaker: Federico Ravenna (HEC Montreal) - Heterogeneous workers and firm-worker match productivity
Session 2: Assessing External Imbalances
- di Mauro, F. and Pappadá, F. (2013), "Euro area external imbalances and the burden of adjustment"
- Galuscak, K., Hagemejer, J. and Lalinsky, T. (2013), "Understanding the export dynamics in the Czech Republic, Poland and Slovakia: Evidence from Firm-Level Data"
- Nagengast, A. J. and Stehrer, R. (2013), "Collateral imbalances in Intra-European trade? Accounting for the differences between gross and value added balances"
- Policy discussant: Peter Gal (OECD)
- Invited Speaker: Zsolt Darvas (Bruegel) - Compositional effects on productivity, labour cost and export adjustments
Presentations within workstreams:
- Giordano, C. and Zollino, F. (2013), "Understanding the mystery of price-competitiveness indicators: a comparison across the largest economies in the euro area"
- Bernard, A. B., Massari, R., Reyes, J.-D. and Taglioni, D. (2013), "Exporter Dynamics, Firm Size and Growth, and Partial Year Effects "
- Criscuolo, C., Gal, P. and Menon, C. (2013), "The Dynamics Of Employment Growth: New Evidence From 17 Countries"
- Croux, C. and Fuss, C. (2013), "New measures of competitiveness"
- Iossifov, P. (2013), "Cross-border production chains and business cycle co-movement across Central and Eastern European Countries and the Euro Area"
Friday December 13, 2013
- Invited Speaker: Kalina Manova (Stanford University), "Host Country Financial Development and MNC Activity"
Session 3: Integration into GVCs
- Benkovskis, K. and Wörz, J. (2013), "Made in China: how much does it affect measures of competitiveness"
- Orszaghova, L. and Leonte, A. (2013), "Sectorial Analysis: European automotive industry"
- Zeugner, S. (2013), "Tradable vs. non-tradable: an empirical approach to the classification of sectors"
- Policy discussant: Çağatay Bircan (EBRD)
Thursday, 19 September
- Welcome address by Executive Director Peter Mooslechner
- Introduction by Filippo di Mauro
- Keynote speech: Michael Peneder
Session 1: Services trade in CESEE
- Kleinert, J. (2013), "Cross-Border and Foreign-Affiliate Sales of Services"
- Sass, M. (2013), "Participation of Visegrad countries in business services GVCs"
- Pindyuk, O. (2013), "Linkages between producer services trade and manufacturing"
- Discussant: Beata Smarzynska Javorcik
Session 2: Impact of credit constraints
- Ferrando, A. and Ruggieri, A. (2013), "Firm-level productivity and access to finance in the euro area"
- Canton, E. (2013), "Financing the real economy: perceived access to bank loans for EU firms in times of crisis"
- Buono, I. and Formai, S. (2013), "Bank credit and firm export: is there really a link?"
- Discussant: Michele Cavallo
Friday, 20 September
- CompNet – JVI – OeNB – wiiw collaboration by Robert Stehrer
- Status of CompNet data sharing by Chiara Osbat
- Keynote speech: Marcel Timmer
Session 3: CompNet output from the three work streams
- Lopez-Garcia, P. et al. (2013), "Micro founded analysis of competitiveness: evidence from 13 European countries (output from the Do.file exercise)"
- Bobeica, E. et al. (2013), "CompNet Competitiveness assessment Toolkit"
- di Mauro, F., Stehrer, R. and Plamper, H. (2013), "Global value chains: how do we measure their impact?"
- Discussant: Stefan Zeugner
- CompNet and MapCompete by László Halpern
- Giorgio Fagiolo – Economic Networks – Theory and applications – Introduction
- Giorgio Fagiolo – Economic Networks – Theory and applications – Metrics And Distributions
- Giorgio Fagiolo – Economic Networks – Theory and applications – Network Models
- Giorgio Fagiolo – Economic Networks – Theory and applications – Networks and Graphs
- Giorgio Fagiolo – Economic Networks – Theory and empirics
- For more information, please contact firstname.lastname@example.org
Monday 24 June
- Welcome address by Yves Mersch, ECB Executive Board
- Introduction by Filippo di Mauro, presentation (slides)
Session 1: Credit constraints: empirical micro studies
- Albareto, G. and Finaldi Russo, P. (2013), "Financial fragility and growth prospects: credit rationing during the crisis", presentation (slides), paper , paper
- Castagnino, T., D’Amato, L. and Sangiácomo, M. (2013), "How do firms in Argentina get financing to export?", presentation (slides) , paper
- Discussant: Carlo Altomonte, presentation (slides)
- Ferrando, A. and Mulier, K. (2013), "Firms’ financing constraints: do perceptions match the actual situation?" , paper
- Abildgren, K., Askjaer Drejer, P. and Kuchler, A. (2013), "A micro‐econometric analysis of the banks’ loan rejection rates and the creditworthiness of the banks’ corporate customers", presentation (slides) , paper
- Discussant: Andrea Dall’Olio, presentation (slides)
- Keynote speech: Tito Boeri
- Boeri, T., Garibaldi, P. and Moen, E. (2013), "Labor and Finance"
Tuesday, 25 June
- Keynote speech: Eric Bartelsman
- Bartelsman, E. (2013), "Policy Research from Macro to Micro and Back"
Session 2: Trade in services
- Federico, S. and Tosti, E. (2013), "Exporters and importers of services: firm‐level evidence on Italy", presentation (slides) , paper
- Discussant: Daria Taglioni, presentation (slides)
- Gaulier, G., Magris, F. and Mirza, D. (2013), "Missing cross‐border trade in professional services: the nature of the product matters", presentation (slides)
- Ariu, A. (2013), "Crisis‐Proof services: why trade in services did not suffer during the 2008‐2009 crisis", presentation (slides)
- Discussant: Martina Lawless, presentation (slides)
- Halpern, L. (2013), "Mapping European Competitiveness (MAPCOMPETE)"
- Bugamelli, M., Barba Navaretti, G., Castellani, D. and Forlani, E. (2013), "DO.file result: aggregate exports and firms’ productivity distribution"
- Washington conference follow‐up: Giorgio Barba Navaretti, presentation (slides)
Session 3: Global value chains
- Amador, J., Cappariello, R. and Stehrer, R. (2013), "Global value chains: a view from the Euro Area", presentation (slides)
- Fahr, S. and Vanhala, J. (2013), "Offshoring and domestic labour markets: a matching model of outsourcing"
- Discussant: Oliver Gloede, presentation (slides)
- Accetturo, A. and Giunta, A. (2013), "Global value chains and the Great Recession: evidence from Italian and German firms", presentation (slides) , paper
- Meriküll, J. and Rõõm, T. (2013), "Foreign ownership and host country employment volatility", presentation (slides)
- Discussant: Robert Stehrer, presentation (slides)
Individual WS sessions – WS2
Tuesday 12 March
Session 1: Macro imbalances and competitiveness
- Lane, P. R. (2013), "Current Account Imbalances in Europe", presentation (slides)
- Pappadà, F. (2013), "Euro Area External Imbalances and the Burden of Adjustment", presentation (slides)
- Zeugner, S. (2013), "The role of current account surpluses in European imbalances", presentation (slides)
- European Commission, ECFIN (2012), "Current Account Surpluses in the EU"
Session 2: Micro foundations of competitiveness
- Haltiwanger, J. (2013), "Reallocation in the Great Recession: Cleansing or Not?", presentation(slides)
- Angeloni, C., and N. Benatti (2013), Micro-founded Competitiveness Indicators - First Results, presentation (slides)
Introduction and presentation of the interim report by Filippo di Mauro, Chairman of CompNet
Wednesday, 13 March
Session 3: Competitiveness and global value chains
- Ottaviano, G. I. P. (2012), "Competitiveness and Global Value Chains", presentation (slides)
- Isakson, H. (2012), "European trade policy and global value chains, how do they fit?", presentation (slides)
- de Backer, K. (2012), "OECD work on Global Value Chains and Trade in Value Added", presentation (slides)
Individual WS sessions – WS1
- Gaulier, G. (2012), "European Export Performance", WS1 presentation (slides)
- Benkovskis, K., and Woerz, J. (2012), "What drives the market share changes? Price versus non-price factors", WS1 presentation (slides)
- Lommatzsch, K. (2012), "Note on relative price adjustments in the euro area", WS1 presentation (slides)"
Individual WS sessions – WS2
- Halpern, L. (2012), "Do productivity/wage/ULC differentials match?", WS2 presentation (slides)
- Berthou, A. (2012), "Quality and firm-level exports project", WS2 presentation (slides)
- Tello Casas, P., and Caloca, R. (2012), "Trade in services project", WS2 presentation (slides)
- Gaulier, G. (2012), "Belgium, France and Hungary: Static and Dynamic Export Premia", WS2 presentation (slides)
Monday, 10 December
- Di Comite, F., Thisse, J. F. and Vandenbussche, H. (2012), "Verti-zontal Differentiation in Export Markets", paper
- Momchilov, G. (2012), "Similarities and Differences in the Export Performance of New EU Member States: A Constant Market Share Analysis", presentation (slides)
- Soares Esteves, P. and Rua, A. (2012), "Is there a role for domestic demand pressure on export performance?", presentation (slides)
- Bojesteanu, E. and Manu, A.S. (2012), "Disentangling the factors behind the external adjustment in the New Member States during the crisis", presentation (slides)
- Staehr, K., (2012), "The Euro Plus Pact: competitiveness and external capital flows in the EU countries", presentation (slides)
- Osbat, C., Özyurt, S. and Karlsson, T. (2012), "Trade balance contributions of price and non-price factors: a cross-country analysis", presentation (slides)
- Fernández, F. and López-García, P. (2012), "Why are Spanish firms less productive? an analysis using Spanish, French and Italian firm-level data", presentation (slides)
- Lawless, M. (2012), "Marginal Distance: Does Export Experience Reduce Firm Trade Costs?", presentation (slides)
- Lawless, M. (2012), "Marginal Distance: Does Export Experience Reduce Firm Trade Costs?", Research Technical Paper No 02/RT/11, Bank of Ireland, paper
- Antonio Rodriguez, A. (2012), "Determinants of the decision to import: A cross-country comparison", presentation (slides)
- Fernández, C., García, C., Rodríguez, A. and Tello, P. (2012), "Analysis of the Import Activity of European Firms", Banco de Espana, Economic Bulletin, October, paper
Tuesday, 11 December
Keynote Speech: Salvatore Rossi
- Manova, K. (2012), "Firms and Credit Constraints along the Value- Added Chain: Processing Trade in China", presentation (slides)
- Altomonte, C. and Rungi, A. (2012), "FDI vs. GVC characteristics and local development", presentation (slides)
- Benkovskis, K., Fadejeva, L., Stehrer, R. and Woerz, J. (2012), "Assessing competitiveness and long-run growth: origins of technological changes in G7 and BRIC countries", presentation (slides)
Individual WS sessions – WS2
- Angeloni, C., and Benatti, N. (2012), "TFP Analysis DO.File: A first assessment", WS2 presentation (slides)
- Dhyne, E. (2012), "Prices, Mark-ups and Quality at the Firm-Product Level", WS2 presentation (slides)
Individual WS sessions – WS3
- Stehrer, R. (2012), "Introduction to IO and WIOD", WS3 presentation (slides)
- Stehrer, R. (2012), "Value added trade: a tale of two concepts", WS3 presentation (slides)
Thursday, 20 September: Research Workshop
Session 1: Microeconomic shocks and aggregate fluctuations
- Mejean, I. (2012), "Firms, Destinations, and Aggregate Fluctuations", presentation (slides)
- di Giovanni, J., Levchenko, A.A. and Mejean, I. (2012), "Firms, Destinations, and Aggregate Fluctuations", August 30, paper
- Martin, J. (2012), "The Few Leading the Many: Foreign Affiliates and Business Cycle Comovement", presentation (slides)
- Kleinert ,J., Martin, J. and Toubal, F. (2012), "The Few Leading The Many: Foreign Affiliates and Business Cycle Comovement ", August, paper
Session 2: Trade and FDI
- Conconi, P., Sapir, A. and Zanardi, M. (2011), "The Internationalization Process of Firms: from Exports to FDI", preliminary version, December, paper
- Toubal, F. (2012), "Export Networks and the Incidence of Cross-Border M&A", presentation (slides)
- Blonigen, B.A., Fontagné, L., Sly, N. and Toubal, F. (2012), "Cherries for Sale: Export Networks and the Incidence of Cross-Border M&A", NBER Working Paper 18414, September, paper
Keynote speech: John Haltiwanger
- Haltiwanger, J. (2012), "Firm Dynamics and Aggregate Fluctuations: (Some) Open Questions", presentation (slides)
Session 3: Exporters’ dynamics
- Opromolla, L.D. (2012), "A Theory of Entry into and Exit from Export Markets", presentation (slides)
- Impullitti,G., Irarrazabal, A.A. and Opromolla, L.D. (2012), "A Theory of Entry into and Exit from Export Markets", 11 September , paper
- Berthou, A. and Vicard, V. (2012), "The Growth and Volatility of French Exporters", presentation (slides)
- Berthou, A. and Vicard, V. (2012), "The Growth and Volatility of French Exporters", July, paper
Friday, 21 September: CompNet Sessions
- Bartelsman, E. (2012), "Using micro and macro data for policy research", presentation (slides)
- di Mauro, F. (2012), "CompNet at 6 months: where do we stand?", presentation (slides)
Session on services
- Powers, W. (2012), "USITC Staff Research on Barriers to Trade in Services", presentation (slides)
- Schmitz, M. (2012), "Experimental effective exchange rates based on trade in services", presentation (slides)
- D’Amato, L. (2012), "Comment to the paper ‘Experimental Effective Exchange Rates Based on Trade in Services’ by Martin Schmitz", presentation (slides)
- Biewen, E. and Blank, S. (2012), "Margins of Service Trade", presentation (slides)
- Tello, P. (2012), "Discussion of ‘Margins of Service Trade: the German case’", presentation (slides)
- Update on EU Surveillance Exercise: Hylke Vandenbussche (EU Commission) Speech
Individual WS sessions – WS1
- Vicard, V. (2012), "The signatures of Euro area imbalances", WS1 presentation (slides)
- Gaulier, G. and Vicard, V. (2012), "The signatures of euro area imbalances", Banque de France, preliminary version, 13 July, paper
- Xifré, R. (2012), "The Competitiveness of the Spanish Economy in the Euro Area: some explanations for an ambivalent evolution", WS1 presentation (slides)
- Silgoner, M. (2012), "Crowding-Out or Mutual Co-Existence? Competitive Position of EU Members and China in the Global Market", WS1 presentation (slides)
Individual WS sessions – WS2
- Berthou, A. (2012),"Innovation patterns in Europe", WS2 presentation (slides)
- Fernández, C. and Lopez-Garcia, P. (2012), "Explaining small firms’ TFP gap: An analysis with Italian, Spanish and French firm-level data", WS2 presentation (slides)
- D’Amato, L. and Castagnino, T. (2012), "How do firms in Argentina get financing to export?", WS2 presentation (slides)
- Galuščák, K. and Lízal, K. (2012), "Remarks on on Firm-Level Production Function Estimation", WS2 presentation (slides)
- Gaulier, G. et al. (2012), "Dissecting trade of three European countries: firms, destination and products roles in Belgium, France and Hungary trade from 2003 to 2009", WS2 presentation (slides)
- Mairesse, J. (2012), "Some General Thoughts on Using and Improving Innovation Surveys for Econometric Studies", WS2 presentation (slides)
- Our action plan
- Adam, T. (2012), "Models of Equilibrium Exchange Rates used at the CNB", presentation (slides)
- Amador, J. (2012), "Global Value Chains", presentation (slides)
- Antràs, P., Chor, D., Fally, T. and Hillberry, R. (2012), "Measuring the Upstreamness of Production and Trade Flows", mimeo.
- Breda, E. and Cappariello, R. (2012), "A tale of two bazaar economies: an input-output analysis for Germany and Italy", presentation (slides)
- Cappariello, R. (2012), "Domestic value added content of exports: a cross-country comparison for the major European economies" , presentation (slides)
- Cernat, L. (2012), "Trade, Jobs and Value-Added: a new look at EU global trade performance", European Central Bank, presentation (slides)
- De Backer, K. (2012), "Competitiveness and GVCs – Trade In Value Added", presentation (slides)
- Di Comité, F., Thisse, J. and Vandenbussche, H. (2012), "Verti-zontal Differentation in Monopolistic Competition", presentation (slides)
- Halpern, L. and Muraközy, B. (2012), "Innovation, Productivity and Exports: The Hungarian case", presentation (slides)
- Lalinsky, T. (2012), "Firm Competitiveness Determinants: Results of a Panel Data Analysis", presentation (slides)
- Osbat, C. (2012), "Monitoring Competitiveness – Taking Stock and Outlining Further Steps", presentation (slides)
- Taglioni, D. (2012), "Trade competitiveness in Turkey", presentation (slides)
Chairman: Filippo di Mauro
- Workstream 1 Coordinators: Konstantins Benkovskis (Latvijas Banka), Pavlos Karadeloglou (ECB)
Workstream 2 Coordinators:
Antoine Berthou (Banque de France), Paloma Lopez-Garcia (ECB)
- Workstream 2 Financial Module Coordinator: Annalisa Ferrando (ECB)
- Workstream 2 Labour Module Coordinator: Paloma López-Garcia (ECB)
- Workstream 2 Mark-up Module Coordinator: Joao Amador (Banco de Portugal)
- Workstream 2 Trade Module Coordinator: Antoine Berthou (Banque de France)
- Workstream 3 Coordinators: Joao Amador (Banco de Portugal), Frauke Skudelny (ECB)