Convergence in the European Union: Inside and outside the euro

Daniel Gros

The convergence process in Europe has bifurcated: the new member states (NMSs) from Central and Eastern Europe are catching up in terms of income per capita, as one would expect, with the initially poorer ones growing generally at a faster pace. Within the euro area, however, the North has diverged from the South since the start of the financial crisis. This pattern, reflecting East-West convergence but also North-South divergence within the euro area, can be observed for a number of indicators, such as real wages, investment and consumption.

Πηγή: CEPS

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