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• W2556799665 abstract "After the outbreak of the global financial in 2008, macroeconomic disequilibria began to emerge and to grow within the eurozone. The original goal of real convergence which characterized and strengthened the European integration process has since been violated with increasing frequency, thus producing disappointment and the first signs of a legitimation within the European Union. The convergence process which for a long time united the members of the European Union and later of the eurozone has recently been superseded increasingly by a divergence process which endangers the on-going European integration process. This paper describes and analyses this process, highlights new empirical evidence and draws some politico-economic implications. 1. Convergence as an original goal of European integration Convergence was an original goal of the European integration process; initially a hope, in time it became an expectation of the less wealthy member states and a demand from the acceding countries, respectively. Thus, it was a major goal of the European integration process from the beginning to reach an adjustment in institutions and in GNP per capita level among its member states. This was formulated in the preamble to the EC Treaty of 1957 as the aim to strengthen the unity of (the) economies (of the member states) and to ensure their harmonious development by reducing the differences existing between the various regions and the backwardness of the less favoured. Later, in the preamble to the EU Treaty of 1992, the goal articulated was to achieve the strengthening and the convergence of their economies. This expected development seemed to have the potential for manifestation in reality for a time, at least until the introduction of the monetary union and the advent of the euro crisis in the course of the global financial crisis. In the event it seems that through the construction of the monetary union a potential for destabilization has arisen that only becomes manifest when bigger shocks occur. In the beginning, optimistic expectations regarding a rapid convergence of the periphery countries still dominated (see Blanchard and Giavazzi 2002); these, fuelled by the interest rate adjustments in the first decade of this century, led to an imprudent minimum reform policy (to avoid the costs and pain of more fundamental reforms) in these countries. However, a sudden increase in divergent tendencies has occurred during the past five years leading to great disillusionment in the eurozone." @default.
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• W2556799665 date "2013-01-01" @default.
• W2556799665 modified "2023-09-27" @default.
• W2556799665 title "Convergence and Divergence in the European Monetary Union" @default.
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