Examination of the Crisis Effects on Macroeconomic Development and Convergence in the New European Monetary Union Member States
Examination of the Crisis Effects on Macroeconomic Development and Convergence in the New European Monetary Union Member States

Summary/Abstract: Even after more than a decade, a position of certain countries, especially of so- called former transition economies, can be still described as lagging. The project of the European Union took away a significant degree of sovereignty from member states and the common currency eliminated the possibility of using exchange rates as offsetting tools in case of serious economic fluctuations. This paper focuses on the comparison of macroeconomic indicators across new EMU states and Germany over the period of 15 years including crisis. We wanted to verify whether we could still talk about similar convergence trends among “new” members or if these countries are rather “drifting apart” in their economic development due to the crisis.

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