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Internal Market, Industry, Entrepreneurship and SMEs

DG GROW's Single Market Economics Papers

Working papers and economic briefs produced by the Commission's Internal Market, entrepreneurship and SMEs department

The Chief Economist Team is responsible for the series’ publication, including the peer review of the papers.

1. Working papers

This collection encompasses evidence-based analytical working papers elaborated by this Commission department, at times in collaboration with others. 

It also includes working papers that result from DG GROW’s Fellowship Programme, as well as conference papers (evidence-based analytical papers by external experts) selected for presentation at previous editions of DG GROW’s Single Market Research Conference, organised by the Chief Economist Team. 

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  • Pierfederico Asdrubali, Giuseppina Testa

WP2025/46 - This paper investigates the determinants of cross-regional venture capital (VC) flows within Europe through a structural gravity model.

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  • Georg Raab

WP2025/45 - This paper assesses the SME debt financing gap in the EU by exploring financial market failures. The analysis finds a substantial financing gap despite strong public support by the EU and Member States.

2. Economic briefs

This collection encompasses evidence-based analytical Economic Briefs by the Chief Economist Team, at times in collaboration with others. The Chief Economist Team is responsible for the series’ publication.  

This section also includes Economic Briefs that result from DG GROW’s Fellowship Programme.

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  • William Connell García, Giuseppe Mangione

The analysis shows that firm-level uncertainty, measured using company earnings calls, closely follows well-known macroeconomic indicators while also offering deeper insights into how uncertainty affects businesses.

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  • Román Arjona, Frank Vandermeeren

This brief provides a snapshot of rapid shifts and trends affecting EU industry, as well as some of the main challenges and opportunities shaping European industrial performance.

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  • Maive Rute, Frank Vandermeeren, Anca Dumitrescu

Reflection paper - This paper provides a reflection on the EU’s industrial policy landscape, to highlight key issues and stimulate debate.

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  • Román Arjona, William Connell García, Cristina Herghelegiu, Victor Ho, Xosé-Luís Varela-Irimia

The EU gains resilience from being open and integrated in global value chains, but there are also associated risks likely to affect specific products and inputs that are particularly critical for the EU’s society and economy.

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  • Henri Heikkonen, Nicolas Listl, Andreas Reuter

The paper analyses six key manufacturing sectors, as well as construction, finding that all suffer from ‘strained health’ and/or face significant downside risks. It then analyses which European regions would suffer most from a protracted decline in terms of employment security.

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  • William Connell García, Victor Ho

This brief introduces the EXternal Vulnerability Index (EXVI), a monitoring tool that uses trade data to identify and measure external vulnerabilities across various segments of the EU economy.

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