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The influence of the COVID-19 pandemic crisis on the real convergence of the member states of the European Monetary Union

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  • Tudor – Mugurel AURSULESEI

Abstract

In this scientific paper, we will start from the COVID-19 pandemic crisis and try to highlight how the real convergence of the euro area member states was influenced during this period as a result of the implementation of various measures to limit economic activities. We propose to create an aggregate index of real convergence, starting from the theory of optimal monetary zones. After the construction of this index, we propose to calculate an index value for all 20 member states of the European Monetary Union (including Croatia), in the period 20112022. Our aim is to observe how real convergence in the euro area has been influenced during the COVID-19 pandemic crisis. Something that can be easily concluded from the results obtained. At the end of the article, we manage to classify the member states of the European Monetary Union into 3 large clusters, depending on how their convergence index is compared to that of the euro zone average.

Suggested Citation

  • Tudor – Mugurel AURSULESEI, 2023. "The influence of the COVID-19 pandemic crisis on the real convergence of the member states of the European Monetary Union," Junior Scientific Researcher, SC Research Publishing SRL, vol. 9(1-2), pages 1-10, July.
    • Handle: RePEc:jsr:journl:v:9:y:2023:i:1-2:p:1-10
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    References listed on IDEAS

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    5. Fleming, J Marcus, 1971. "On Exchange Rate Unification," Economic Journal, Royal Economic Society, vol. 81(323), pages 467-488, September.
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    More about this item

    Keywords

    convergence index; COVID-19; economic crisis; Eurozone; pandemic crisis; real convergence.;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • F15 - International Economics - - Trade - - - Economic Integration

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