membership. It should also be sufficient. 3) Convergence, prior to the adoption of the euro, of an EMU candidate’s inflation rate … to its euro area equilibrium inflation rate is helpful but not essential. 4) Real convergence is irrelevant for EMU … fiscal sustainability (and preferably also inflation convergence), the EMU candidate should be given a firm date and …

. In this study we considered two main themes. First, convergence of the current EU-member countries is empirically tested …

within EU sectors falls by between 0.5 and 3 percentage points. There is strong evidence of convergence in the cost of equity … across different countries in the same sector. Convergence across different sectors is small. An implication for portfolio …

. Non-convergence traps are more likely when policies and institutions are endogenized, enabling beneficiaries of existing …

examines what is the best way for candidate countries to fuel real convergence. The experience from earlier EU enlargements and … should be terminated as soon as possible. Second, labour and capital mobility are good for growth and economic convergence …

as foreign capital flows in and speeds up the process of convergence. We show in a calibrated neoclassical model that … conventionally measured welfare gains from this type of convergence appear relatively limited for the typical emerging country. The …