Report
The euro zone has not deindustrialised to any great extent; countries that have deindustrialised much owe this to comparative advantages that are negative for industry.
The weight of manufacturing industry in GDP has : Remained more or less stable since 1998 in the euro zone as a whole; Declined markedly only in France, Spain, Italy and Finland . This shows that competition from emerging countries is not the cause of the decline in the weight of industry in the countries where this weight has declined. Instead, the explanation may be productive specialisation that is negative for these countries’ industry, caused by the use of comparative advantages triggered by the disappearance of currency risk.
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