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Eco-innovation and economic growth in the European Union: a panel data analysis

Eco-innovation, as a new concept, and green technologies are central to the Europe’s future and at the core of the European Union policies. In 2015 the European Commission adopted the Circular Economy Package to boost competitiveness, create jobs and generate sustainable growth for years to come. In this context, eco-innovation is a powerful instrument that combines reduced negative impact on the environment with a positive impact on the society and the economy as a whole. Therefore, this paper highlights the prominent role of eco-innovation and investigates still scarcely explored impact assessment of GDP growth, quality of institutions and recycling rates on the eco- innovation index in 28 European Union member states. Econometric analysis indicates that GDP growth rate, quality of institutions and recycling rate of municipal waste had a statistically significant impact on eco- innovation and its thematic areas and indicators in the period 2010-2016.

circular economy, eco-innovation, European union, panel data analysis

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