Convergence in EMU: What and How?

Jérôme Creel (1)

1 OFCE - Observatoire français des conjonctures économiques (Sciences Po)

One major characteristics of an optimal currency area is its ability to maintain or foster integration and convergence among its Member States. This objective requires reaching a stable economic and financial situation and developing resilience to shocks. After reviewing the state of convergence in the euro area, this paper proposes a number of recommendations, aimed at improving convergence towards the steady state, as well as financial and cyclical convergence. Recommendations focus on several policy areas, including cohesion policy, the statute of the ECB, public and private debt sustainability, fiscal rules and minimum wage policy.

Mots clés: integration; convergence; Member States

Domaines: Science politique

Jérôme Creel. Convergence in EMU: What and How?. [Research Report] European Parliament. 2018, pp.31. ⟨hal-03404317⟩