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Claudia Di Stefano

3 August 2022
Economic Bulletin Issue 5, 2022
This article takes stock of the impact of the coronavirus (COVID-19) crisis on business investment dynamics in the euro area and presents evidence on the main drivers of investment, as well as the opportunities, challenges and risks for its recovery, also in investment with respect to digitalisation and greening needs. Euro area business investment fell sharply in the first half of 2020. The considerable rebound and subsequent investment dynamics have been heterogenous across countries and types of investment, and the rebound has been overall somewhat weaker in the euro area than in the United States. While the recovery has been helped by substantial support from monetary and fiscal policy, headwinds such as increased uncertainty, commodity price rises and lingering supply bottlenecks risk delaying investment decisions and leading companies to further increase savings. Meanwhile, spending on further digitalising and “greening” the economy, as reflected in available investment data, has accelerated throughout the pandemic. Investment opportunities in these areas are considerable, and so are the challenges, which are mainly related to financing, regulation and incentives.
JEL Code
D25 : Microeconomics→Production and Organizations
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
Q55 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Technological Innovation
24 March 2022
Economic Bulletin Issue 2, 2022
Strains in global supply chains of goods have been weighing on the global business cycle since late 2020. Given the multifaceted nature of supply bottlenecks, this box uses a relatively large set of indicators to track their causes. These indicators can help identify any signs of improvement or deterioration in specific economic sectors at an earlier stage. These sectoral indicators are represented in the form of heatmaps for the euro area and the United States. Recent data suggest that supply bottlenecks remain at historically high levels in both economies but may be starting to ease.
JEL Code
C30 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→General
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
F60 : International Economics→Economic Impacts of Globalization→General