IMF Economic Review

, Volume 61, Issue 4, pp 601–630 | Cite as

Patterns of Convergence and Divergence in the Euro Area

  • Ángel Estrada
  • Jordi Galí
  • David López-Salido


This article studies the extent of macroeconomic convergence/divergence among euro area countries. The analysis focuses on four variables (unemployment, inflation, relative prices, and the current account), and seeks to uncover the role played by monetary union as a convergence factor by using noneuro developed economies and the pre-European Monetary Union period as control samples.

JEL Classifications

E24 F31 O47 


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Copyright information

© International Monetary Fund 2013

Authors and Affiliations

  • Ángel Estrada
  • Jordi Galí
  • David López-Salido

There are no affiliations available

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