[12] See Cœuré, B. (2019), “The rise of services and the transmission of monetary policy”, speech at the 21st Geneva Conference on the World Economy, 16 May. [13] See Economist (2019), “Briefing: The economic policy at the heart of Europe is creaking”, 12 September. [14] Ibid. [15] See, for example, Crouzet, N. and Eberly, J.
(2018), "Intangibles, Investment, and Efficiency", AEA Papers and Proceedings, 108: 426-31. In Italy, for example, approximately three-quarters of the productivity gap to the global frontier can be explained by the fact that national frontier firms – while actually quite productive in global terms – are relatively small compared with those at the global frontier.