0 2 4 6 8 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 G DP G ro w th (% ) (a) EU average -8 -6 -4 -2 0 2 4 6 8 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 G DP G ro w th [...] (Amore, 2015; Archibugi et al., 2013a,b; Filippetti and Archibugi, 2011; Hottenrott and Peters, 2012; Paunov, 2012). This, in turn, could lead to a greater need for cost reductions when sales decrease and external [...] early 2000s, the Global Financial Crisis (GFC, 2007–2009), the European Sovereign Debt Crisis (2010–2012), and the recent COVID-19 pandemic. Figure 1 illustrates annual GDP growth rates for the European …