NOMINAL AND REAL CONVERGENCE IN THE EURO AREA

The problem of the economic convergence and divergence in the European economic integration process falls within the current concerns of specialists within the economic field. In this sense, the present study addresses the issues of the economic convergence and divergence analysis, both at the level of the Member States and of the candidate countries to the Economic and Monetary Union. This paper aims at the process of European economic integration on the two axes: the nominal and the real one. The analysis results show the need for prior harmonization of the real and nominal convergence process towards joining the euro area, in order to prevent slipping after the adoption of the single currency. The nominal convergence process from the candidate countries needs also a coherent setting of speed and sequence so as not to cause delays and distortions in the development of the real convergence.