Will the EU Taxonomy Impact the Trade Specialisation of European Economies?

The introduction of the taxonomy will alter trade patterns and trade specialisation, in spite of the signs that EU members are specialised in industries and economic activities that are favoured by its introduction. The taxonomy is likely to further work not only directly but also through supply cha...

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Bibliographic Details
Published in:The Economists' voice 2023-02, Vol.19 (2), p.235-244
Main Authors: Köppl-Turyna, Monika, Schwarzbauer, Wolfgang
Format: Article
Language:English
Subjects:
EU taxonomy
F18
industrial policy
L50
product space
trade specialization
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Summary:The introduction of the taxonomy will alter trade patterns and trade specialisation, in spite of the signs that EU members are specialised in industries and economic activities that are favoured by its introduction. The taxonomy is likely to further work not only directly but also through supply chains, as obtaining more attractive funding for companies is indirectly linked to the compliance of the company’s suppliers as well. However, managing the transition to green production will require further policy measures at the regional, national, and international levels. Given that several policy measures and initiatives are already in place, doubts can be raised as to whether the green transition can be achieved efficiently by the introduction of the taxonomy.
ISSN:1553-3832
1553-3832
DOI:10.1515/ev-2022-0016