Eurozone’s Future: The Political Economy of Structural Convergence
Eurozone’s Future: The Political Economy of Structural Convergence

Summary/Abstract: The progress of globalization confronts the EU with the new challenges. To answer these, the restoration of growth is the imperative. The competitiveness and hopefully the real convergence must be restored. Capital flows are the sine qua non of this development. The key in this endeavor is the capital markets union, i.e. the set of the structural reforms which will facilitate the increased activities of the venture capital – the main tool to create the new economy of innovation and creativity. But to be successful the capital markets union has to be complemented structural convergence of labor markets, business creation environment and taxation. New approaches like special “economic innovation and growth” zones may be necessary. To fully implement the necessary structural reforms and the convergence processes, the cooperation of the private and public sectors on both the EU and national levels is necessary.

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