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Economic Convergence and Divergence in Europe

Economic Convergence and Divergence in Europe

Growth and Regional Development in an Enlarged European Union

Edited by Gertrude Tumpel-Gugerell and Peter Mooslechner

This highly topical book addresses the challenge of economic convergence within Europe, beginning with a thorough review of the theory of growth and related empirical research. Historical and more recent economic developments within the present EU and current accession countries are discussed, along with the design for the process of further integration of accession countries into the EU and the Euro area. Moreover, the potential to achieve a sustainable catch-up process in Western Balkan countries, the Ukraine and Russia is explored, focusing on the task facing the EU in designing proper policies vis-à-vis these countries. The contributors’ varied perspectives ensure that the theories and policies postulated are linked closely with the actual situation in accession countries and offer up-to-date insights.

Chapter 2: Monetary unification and the single market

Vítor Gaspar and Francesco Paolo Mongelli

Subjects: economics and finance, regional economics, urban and regional studies, regional economics


2. Monetary unification and the single market Vítor Gaspar and Francesco Paolo Mongelli 2.1. INTRODUCTION1 This chapter provides some tentative thoughts on European monetary unification and the progress towards a single market. Given that the euro was not introduced until 1 January 1999, the available data allow only scattered and provisional observations; therefore the chapter has no complete and comprehensive picture to offer. European integration in general, and economic and monetary unification in particular, are political processes. Article 2 of the European Union Treaty states: The Community shall have as its task, by establishing a common market and an economic and monetary union and by implementing common policies . . . to promote throughout the Community a harmonious, balanced and sustainable development of economic activities, a high level of employment and of social protection, equality between men and women, sustainable non-inflationary growth, a high degree of competitiveness and convergence of economic performance, a high level of protection and improvement of the quality of the environment, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among Member States. Already in the Preamble to the Paris Treaty (1951) establishing the European Coal and Steel Community, the signatories declared their resolve to substitute for age old rivalries the merging of their essential interests; to create, by establishing an economic community, the basis for a broader and deeper community between peoples long divided by bloody conflicts; and to lay the foundations...

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