ECONOMIC CONVERGENCE, PART OF ADVANCED EUROPEAN INTEGRATION

Liviu Andrei ()

Internal Auditing and Risk Management, 2014, vol. 34, issue 1, 19-28

Abstract: In 1961, in the earlier stage of the European integration, Bela Balassa proposed a five successive phase model about it as a foresight. Today, the half century experience on integration and corresponding literature issued just lets us see rather two big phases (instead of five). The one would be the incipient integration, that came to enlarge the economic openness and internationalization and shaped on: (i) free trade area (FTA) and (ii) customs union; the other would be the advanced integration, in which internationalization would be replaced by the unique-common market and other two commandments would replace or just reshape the older FTA and customs union into: (iii) economic convergence and (iv) optimal currency area. This paper limits its focus on the economic convergence, its current descriptionanalysis in the literature and condition inside the EU.

Keywords: Integration; European type integration; incipient & advanced integration phases; customs union; economic convergence; monetary union; fiscal union; optimum currency area (search for similar items in EconPapers)
Date: 2014
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