ECB article examines lack of real convergence in eurozone
Points to three factors behind the lack of sustainable real convergence
There were three main factors behind the lack of sustainable real convergence among the eurozone economies since the creation of the euro, according to an article in a bulletin published by the European Central Bank (ECB) today (July 29).
The article acknowledges there were "initial expectations that the single currency would act as a catalyst for faster real convergence" that have not been met. One reason, it says, is that institutional conditions were "not supportive of business innovation and
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