Bericht
Real convergence in the euro area: A long-term perspective
In the euro area, there is mixed evidence that the GDP per capita of lower-income economies has been catching up with that of higher-income economies since the start of monetary union. The significant real convergence performance of some of the most recent members contrasts with that of the economies of southern Europe, which have not met expectations. However, attributing all the blame for this outcome to the introduction of the single currency simply misses the point. By taking a "long view" and reviewing the evidence since the 1960s, this paper shows that certain member countries began to face a "non-convergence trap" long before the euro years. We also provide stylised facts on: (i) the central role of total factor productivity in driving real convergence in the euro area over time, alongside other factors; and (ii) the crucial interaction of real convergence with "Maastricht convergence" and institutional quality, the other two key components of sustainable economic convergence. We conclude that it is critical that the euro area countries facing convergence challenges enhance the resilience of their economic structures by improving the relevant institutions and governance.
- ISBN
-
978-92-899-2865-6
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Occasional Paper ; No. 203
- Klassifikation
-
Wirtschaft
Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
Economic Integration
Demographic Trends, Macroeconomic Effects, and Forecasts
Macroeconomic Analyses of Economic Development
Institutions and Growth
Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
Economywide Country Studies: Europe
Comparative Studies of Countries
- Thema
-
sustainable economic convergence
real convergence
nominal convergence
GDP per capita
Maastricht convergence criteria
institutional quality
labour productivity
total factor productivity
Five Presidents' Report
Reflection Paper on the Deepening of EMU
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Diaz del Hoyo, Juan Luis
Dorrucci, Ettore
Heinz, Frigyes Ferdinand
Muzikarova, Sona
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2017
- DOI
-
doi:10.2866/121513
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Bericht
Beteiligte
- Diaz del Hoyo, Juan Luis
- Dorrucci, Ettore
- Heinz, Frigyes Ferdinand
- Muzikarova, Sona
- European Central Bank (ECB)
Entstanden
- 2017
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