Real Convergence of Central and Eastern Europe Economic and Monetary Union

Abstract

This paper treats the problem of real convergence, that although in the Maastricht Treaty is expressly provided, should not be neglected, but represents the objective to which the policies of the countries of Central and Eastern Europe must be subsumed. We analyzed a series of statistics to highlight the extent to which Central and Eastern European states were able to reduce the gap with the developed countries members of the EMU. Thus, we considered that the real convergence can be appreciated by comparing GDP per capita average monthly wage, the poverty rate, the contribution of the main economic sectors to GDP and unemployment. From the statistics we found that the highest degree of real convergence plays Slovenia, which has distanced itself than other CEE countries, followed by the Czech Republic. On terms of development throughout the period analyzed CEE countries based on indicators and dynamics of catching speed and performance we can notice the Baltic countries. Unfortunately, Romania and Bulgaria are far behind other CEE countries.