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Analysis of Economic Convergence in the European Union

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  • Lungu Adrian

    (Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

The article analysis the economic convergence of member states of the European Union through ten main macroeconomic indicators. Employing a combination of statistical methodologies encompassing, such as descriptive statistics, multiple regression and ANOVA analysis, the research intends to reveal an updated outlook and also the big picture of economic convergence process within the European Union. Its results, analysing economic indicators, show the serious convergence trends between economies of EU-27 member states in general, but particularising, we can observe variations of the progress for each member state. Also, has been remarked that when the GDP per capita has increased in most of the member states, the differences have significatively decreased, these still exist. Moreover, convergence is discernible in inflation rates, unemployment rates, and trade balances. In the same way, the analysis pointed out also the differences that exist between member states, which have to be treated and separated, but together through inclusion policies, social and economic, to have as a final goal, the absolute convergence to be realised through shorter period of time than the actual trend. Premises, likewise, the realities that exist in the present can lead to a deeper and feasible convergence, even if it can offer the growing rhyme in comparing some states with others. In conclusion, the article highlights the fact that is much more than necessary that political strategies of member states individually, and also member states of the European Union to get together regarding aligning to the best economic and social level.

Suggested Citation

  • Lungu Adrian, 2024. "Analysis of Economic Convergence in the European Union," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 405-423.
    • Handle: RePEc:vrs:poicbe:v:18:y:2024:i:1:p:405-423:n:1008
    DOI: 10.2478/picbe-2024-0035
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    References listed on IDEAS

    as
    1. Iulia Andreea Bucur, 2012. "National And Regional Coordinates Of The Real Convergence Process Intensity In The Enlarged European Union," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4(3), pages 274-287, September.
    2. Boris Radovanov & Nada Milenković & Branimir Kalaš & Aleksandra Marcikić Horvat, 2023. "Do the Same Determinants Affect Banks’ Profitability and Liquidity? Evidence from West Balkan Countries Using a Panel Data Regression Analysis," Mathematics, MDPI, vol. 11(19), pages 1-20, September.
    3. Philip Haynes & Jonathan Haynes, 2016. "Convergence and Heterogeneity in Euro Based Economies: Stability and Dynamics," Economies, MDPI, vol. 4(3), pages 1-16, August.
    4. Sajjakaj Jomnonkwao & Savalee Uttra & Vatanavongs Ratanavaraha, 2020. "Forecasting Road Traffic Deaths in Thailand: Applications of Time-Series, Curve Estimation, Multiple Linear Regression, and Path Analysis Models," Sustainability, MDPI, vol. 12(1), pages 1-17, January.
    5. repec:jes:wpaper:y:2012:v:4:p:274-287 is not listed on IDEAS
    6. Bonginkosi A. Thango, 2022. "Application of the Analysis of Variance (ANOVA) in the Interpretation of Power Transformer Faults," Energies, MDPI, vol. 15(19), pages 1-17, October.
    7. Alina-Petronela Haller & Gina Ionela Butnaru & Georgia-Daniela Tacu Hârșan & Mirela Ştefănică, 2021. "The relationship between tourism and economic growth in the EU-28. Is there a tendency towards convergence?," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 34(1), pages 1121-1145, January.
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