The author aims to examine the Economic and Monetary Union accession from a complex perspective, the nominal convergence criteria being analyzed in relation to the real convergence process, respectively reducing the economic development gap towards the euro area and ensuring the similarity of the economic structures.
The book is structured in two main chapters, one for the analysis of each type of economic convergence. In the first chapter of the book, the research is oriented towards the clarification of some general aspects regarding the Economic and Monetary Union, the nominal convergence criteria, the exchange rate stability, the price stability, the long-term nominal interest rates stability, the stability of the public finances, comprising numerous technical elements such as estimating the equilibrium real exchange rate, predicting the structural budget deficit, public debt sustainability analysis, etc. In the second chapter of the book, the author approaches the issue concerning the real economic convergence versus the nominal convergence, Romania’s short-term real convergence towards the euro area, Romania’s long-term real convergence towards the euro area – the sigma and the beta convergence, the correlation between wages and labor productivity. The analyses are characterized by a strong empirical content, including the econometric estimation of the indicators mentioned above and the determination of specific indicators of real convergence.