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Convergence in the European Union
Report

Convergence in the European Union

Inside and Outside the Euro

Daniel Gros
CEPS, 2018
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Editorial Rating

7

Qualities

  • Analytical
  • For Experts
  • Hot Topic

Recommendation

Closing the prosperity gaps across its members is a high priority of the European Union’s economic integration. Current evidence indicates that the newly admitted states in Central and Eastern Europe have robustly gained on the older EU members. But the difference between the richest and poorest of the original 12 nations is wider than it was at the inception of the euro. Economist Daniel Gros, writing in a dry prose style, offers a granular analysis of EU convergence prospects. getAbstract recommends this expert assessment to consultants and analysts.

Take-Aways

  • One of the European Union’s founding objectives was to even out income and economic growth between its wealthier and poorer members.  
  • Per capita income in the new EU nations in Central and Eastern Europe grew relative to that of the older EU members, while income disparities increased among the 12 original euro-area “Northern and Southern states” (the EA12). 
  • Convergence in the EA12 was strong from the 1960s until around 2000, but it then halted in the first years of the euro’s adoption, and divergence ensued after the 2008 global financial crisis.

About the Author

Daniel Gros is the director of the Center for European Policy Studies.

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