Divergent Real Economies in Europe

Theodore Pelagidis

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper, the well-known convergence programs, implemented by the EU member-states, are closely evaluated. Using descriptive statistical analysis and the changes in the real exchange rates as analytical cornerstone, the paper focuses on the economic performance of the member-states since the accord (Dec. 1991) and the ratification (Febr. 1992) of the Maastricht Treaty. Changes in the trade balance, industrial production, rates of unemployment, inflation and interest rates (short-term and long-term) are used as criteria of success both in real and nominal terms. The statistical outcomes are compared with the ones found in similar research done by R. Gordon. The paper ends with the evaluation of the results and the policy lessons which can be drawn by the different exchange rate policies followed by the member-states.

Keywords: Sacrifice ratio; European Monetary Unification; Convergence criteria; Real exchange rates; Maastricht Treaty. (search for similar items in EconPapers)
JEL-codes: E4 F45 (search for similar items in EconPapers)
Date: 1997
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Citations: View citations in EconPapers (2)

Published in Economy and Society 4.26(1997): pp. 544-559

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