(2017), “ The globalisation of inflation: the growing importance of global value chains”, BIS Working Papers, No 602, Bank for International Settlements, January. 3 3. See, for example, Bobeica, E., Ciccarelli, M. and Vansteenkiste, I. (2019), “The link between labor cost and  price inflation in the euro area”, Working Paper Series, No 2235, ECB, February. 4 4.
It is thus all the more important for these enterprises to have sufficient funding. A comparison between the USA and Europe shows that there is still some way to go here. New, innovative enterprises are often too small and banks frequently struggle to assess them, so they regularly raise capital in the form of equity.