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New Bank of England report on EU Membership cites research by CAGE academics Novy and Draca

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New Bank of England report on EU Membership cites research by CAGE academics Novy and Draca

The Bank of England report underlying Mark Carney’s speech in Oxford on 21 October cites research by Jacks, Meissner and Novy on international trade integration over the long run and by Bloom, Draca and van Reenen on the impact of import competition from China on innovation and productivity.

The report concludes that Membership of the EU has made the UK economy more dynamic and able to grow without generating inflation or a financial crisis. It found the UK economy was more open and go-ahead because of its EU membership. However, the Bank also found that that greater openness had made the UK more vulnerable to problems such as the recent euro crisis.

Both Dr Dennis Novy and Dr Mirko Draca are researchers at the Centre for Competitive Advantage in the Global Economy.

To see the full report, ‘EU Membership and the Bank of England’ please click here:

http://www.bankofengland.co.uk/publications/Documents/speeches/2015/euboe211015.pdf

To see the news story and video of Mark Carney's speech based on that report:

http://www.bbc.co.uk/news/business-34598766