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Eu Convergence: A Pathway To Economic Stability

Author

Listed:
  • Adrian LUNGU
  • Mihai Daniel ROMAN
  • Diana Mihaela STANCULESCU

Abstract

In the context of global systemic transformations, economic security has become a focal point in political and economic debates. The article explores how economic convergence within the European Union (EU) contributes to strengthening regional economic security. Using an innovative approach based on cluster analysis, the study reveals economic convergence trends among EU member states, highlighting the involvement of this process in promoting economic stability and security in the era of systemic changes. Our methodology involves applying clustering techniques to an extensive set of economic indicators to assess the dynamics of economic convergence between EU countries over the last two decades. The cluster analysis carried out allowed the grouping of countries based on their similar economic characteristics, thus providing a clear picture of the progress towards convergence. The results indicate a strong trend of economic alignment within the EU, with the formation of clusters suggesting a reduction in economic discrepancies. This process of convergence not only reflects greater economic cohesion, but also contributes to the macroeconomic stabilization of the region, an important aspect for economic security in the face of global volatility and uncertainties. The analysis shows that the EU is moving towards uniformity and economic convergence, with economic clusters becoming more similar over time.

Suggested Citation

  • Adrian LUNGU & Mihai Daniel ROMAN & Diana Mihaela STANCULESCU, 2024. "Eu Convergence: A Pathway To Economic Stability," Eastern European Journal for Regional Studies (EEJRS), Center for Studies in European Integration (CSEI), Academy of Economic Studies of Moldova (ASEM), vol. 10(1), pages 6-30, June.
    • Handle: RePEc:aem:journl:v:10:y:2024:i:1:p:6-30
    DOI: https://doi.org/10.53486/2537-6179.10-1.01
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    References listed on IDEAS

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    More about this item

    Keywords

    Convergence; Economic security; PCA; Clustering analysis; EU countries.;
    All these keywords.

    JEL classification:

    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis

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